As debate continues over whether to allow first homebuyers to access their superannuation for a housing deposit, a new survey has found most Australians aren't confident they will have enough money to retire.
The MLC Quarterly Wealth Sentiment Survey has found the level of concern surrounding financial comfort in retirement rose this quarter, with more than 50% of respondents saying they would not have enough money to retire. NAB
Wealth General Manager of Client Management Lara Bourguignon said the vast majority of Australians aren't confident in the amount of their retirement savings.
“With just 5% of Australians confident they will have enough money in retirement, the gap in retirement savings will be one of the biggest challenges facing our ageing population," she said.
Superannuation has been a hot topic of discussion recently, with Senator Nick Xenophon wanting the rules changed to allow first home buyers to access their superannuation for a house deposit. This has been applauded by many in the industry, who say it will allow first homebuyers into the property market.
However, the Australian Institute of Superannuation Trustees (AIST) has argued against the proposal, claiming it could lead to financial stress in retirement.