FOUR out of 10 Australians do not think they will have enough savings to fund their retirement, while a slim majority believe superannuation fund reports are far too complex to be of any use in planning for the future, a survey has found.
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Four out of ten face super shortfall ... continued from above
The survey by CPA (Certified Practising Accountants) Australia, found six out
of 10 Australian women aged 41-55 did not expect to have enough to retire on,
but 67 per cent of both men and women in the 56-plus age range were confident
they would.
The report found 65 per cent of Australians accept they are largely
responsible for safeguarding their own retirement savings.
"These results challenge suggestions that many Australians have their heads
in the sand and are unaware of the need to save for their retirement," said CPA
Australia CEO Geoff Rankin.
"Instead, it suggests that many know they need to save, but with current
competing financial demands, they simply can't find the funds to direct to their
retirement savings."
Mr Rankin said ongoing efforts to build financial literacy should, over time,
translate into improved personal financial management, and may help people to
direct more funds to their retirement nest egg.
Still, 85 per cent of those surveyed indicated they read superannuation funds
reports, but 51 per cent believe these reports are too complex to be useful.
Thirty-four per cent dismiss them as just company marketing.
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Sixty-seven per cent expect to have compulsory superannuation, with 34 per
cent of those expecting it to be their primary source of retirement funding.
Just over half have voluntary superannuation and, of these, 21 per cent
expect it to be their primary source of funding in their retirement.
"The compulsory superannuation guarantee will not provide adequate funds for
most Australians, so it's essential people supplement these savings with more
voluntary super, or have other investments," Mr Rankin said.
"These survey findings suggest that significantly fewer Australians hold
other forms of investments.
They also may indicate that a further, as yet unquantified group, of
Australians currently believe they have adequate savings, but may discover
that's not the case once they retire."
Disclaimer:
The information contained above has been provided as a general
service. Any references to specific financial, legal, accounting, or
taxation issues are done so in the context of general information
and should not be relied upon as fact or construed as advice by the
us in any of these areas. You should consult a relevant financial,
legal, tax or accounting professional to assist in your particular
circumstance. |
