New research reveals that half of Australians are anxious about their financial stability in retirement, highlighting the pressure of inflation, cost of living, and high interest rates.
According to recent surveys, only 50% of Australians feel confident about their retirement finances, with many lacking a concrete post-retirement financial strategy.
The study, commissioned by AMP and conducted by Dynata, surveyed 2000 Australians, finding that over a third of individuals over 65 still experience financial insecurity. In a parallel study, Natixis's Global Retirement Index reported that 53% of Australians believe secure retirement requires a "miracle," marking a 5% increase since 2023. This complex economic landscape, compounded by persistent inflation and ageing demographics, is challenging global retirement readiness. Despite this, Australia maintains its seventh position in Natixis's global retirement rankings.
While Australia's superannuation system is highly regarded, Louise Watson, head of Natixis Australia and New Zealand, acknowledges Australians' concerns about retirement stability. The economic pressures are diminishing retirees' financial confidence, underscoring the importance of strategic investment to optimise retirement outcomes.
Australians express lofty retirement ambitions, estimating a need for at least $1.25 million for security. In contrast, countries like France and Germany report lower targets, thanks to more substantial government benefits. Furthermore, AMP's survey indicates gender disparity in retirement confidence, with men more optimistic than women—only 41% of women express fiscal security compared to 59% of men. Single women with children feel the least secure, and Australians in their 40s report the lowest confidence levels, with just 38% feeling prepared for retirement.
A third report by Vanguard Australia found that nearly half of working Australians lack a retirement financial plan, and many young individuals expect to need at least $100,000 annually per household for a comfortable retirement. Vanguard's managing director, Daniel Shrimski, notes a rapid shift in retirement expectations among younger Australians, reflecting evolving needs and aspirations.
As Australia's demographic makeup and economic conditions continue to evolve, addressing these retirement confidence issues will require both policy responses and personal financial planning strategies to ensure long-term economic security.
The Australian Securities and Investments Commission (ASIC) has called for enhanced standards in the private credit sector, coinciding with its recent implementation of stop orders on several financial products. This move comes as part of ASIC's interim report, titled 'Private Credit in Australia,' which identifies significant areas needing improvement: conflicts of interest, fees and remuneration, portfolio transparency and valuations, and terminology. - read more
A recent report commissioned by the Australian Securities and Investments Commission (ASIC) reveals significant gaps in the process by which retail investors are guided into private credit markets. Authored by former banker Nigel Williams and infrastructure investor Richard Timbs, the report highlights a lack of transparency in how these investors are introduced to private credit opportunities, raising concerns about the expertise of those advising them. - read more
The Australian Securities and Investments Commission (ASIC) has introduced a new, consolidated legislative instrument that relates to financial advice. This update follows through on ASIC's May announcement regarding the remake of three existing advice-related instruments. - read more
Australia’s leading financial institution, the Commonwealth Bank of Australia, has openly criticised the Reserve Bank of Australia (RBA) for its calculations related to a proposed reduction in debit and credit card transaction fees. The RBA suggested that the reform would save Australian businesses $1.2 billion annually and benefit the majority of companies, a claim that the Commonwealth Bank strongly disputes. - read more
Regular maintenance is crucial for ensuring the longevity and safety of your motorbike. Neglecting maintenance can result in a host of problems that can put your safety at risk and lead to costly repairs down the line. By performing routine maintenance, you can prevent problems before they arise and keep your motorbike running smoothly. - read more
Welcome to the exhilarating world of motorcycle riding! Whether you're attracted by the sense of freedom, the adventure, or the efficiency motorcycles offer, joining the community of riders is an exciting step. However, purchasing your first motorcycle can be a daunting experience. - read more
When it comes to purchasing a motorcycle, many riders opt for financing their purchase through a loan. While it allows you to enjoy the thrill of riding without hefty upfront costs, it's important to manage your monthly loan repayments effectively. By saving money on your motorcycle loan repayments, you can free up funds for other important expenses or accelerate the pay-off process. - read more
Whether you're an experienced rider or just starting your journey in the world of motorcycling, understanding the ins and outs of motorcycle financing is crucial. - read more
Start Here
Knowledgebase
Loan Application Fees: Fees that are charged to cover or partially cover the lender's internal costs of setting up a loan approval for a home buyer.
