A huge Australian market for financial advisory specialists in retirement and succession planning has been revealed in a study by Axa.
Just 51 per cent of working Australians are prepared for life after work, the 2008 Axa Retirement Scope research found.
“Thirty-five per cent of working Australians have never reviewed their retirement plans, even more concerning is the 39 per cent of retirees who admit to never reviewing their plans,” Axa sales and marketing general manager Adrian Emery said.
“Another alarming finding from the 2008 Axa Retirement Scope is that only 33 per cent of working Australians know the amount of their future retirement income.”
Australia lags behind countries like Malaysia, Germany and India where more than 50 per cent of the working population have calculated their future retirement income.
Advice from a financial planner, government reform and turning 50 were all triggers that made Australians save for retirement, the research found.
Australians are most prepared to adopt aggressive investment strategies with their retirement products, Axa found.
The retirement income of the average Australian is $1,917 a month and is enough to cover household expenses.
