Over 40 per cent of pre-retirees are concerned about outliving their savings, according to a new survey by Equipsuper.
In a recent Equipsuper survey – based on data provided by 2,100 respondents – it was found that 40.7 per cent of pre-retirees said they were unsure whether they had enough saved for retirement.
Equipsuper executive officer, strategic marketing and communications, Geoff Brooks said: “The survey results showed why education and advice had become a vital component in the mix of services offered by super funds to their members.
“Over recent years, quality of communications and ready access to professional and personal advice is as big a driver of confidence,” Mr Brooks said.
The survey found that 40 per cent of respondents said that they would consult a financial planner for help with their retirement savings.
Moreover, 31.5 per cent indicated that they would first approach their super fund for a financial planning referral.
Only one-third of respondents said they did not feel the need to consult an adviser, Equipsuper said.
Approximately 94 per cent of those who would not see a planner indicated a willingness to leave money invested in super and withdraw funds as required.
The survey also found that 55 per cent of respondents said they would rely wholly or partially on the government age pension to generate a retirement income.