Most Australians nervous about retirement savings

by Julia Corderoy11 Aug 2014
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.

COMMENTS

  • by Rosemary Johnston (PIAA) 11/08/2014 10:22:05 AM

    Growth of many financial planning approved asset classes has been sluggish over the GFC years retarding the growth of retirement nest eggs. Property has performed and done well in many areas. Is this the time to regulate this asset as a true wealth creator for the SMSF sector? Without regulation we have real estate practices of exaggerated claims and poor location selection giving lack lustre results. With regulation and a foundation proven property performance metrics we have real opportunity for these people to meet their needs in retirement.

  • by Papery 11/08/2014 2:29:42 PM

    Wanna know a secret..... those that can buy ppty usually do so with a view to supplimenting their Retirement..... most people believe that you can never loose with bricks & mortar.