Australians are at risk of not having enough money to invest in retirement, with 60 per cent indicating this as the biggest barrier to retirement savings, says MLC.
In the recent MLC Quarterly Australian Wealth Sentiment Survey, it was revealed that more than one in two Australians don’t think they have enough savings to fund their retirement.
The survey also found that almost half of Australian women who consider taking a career break to raise a family believe it’s a foremost barrier to achieving sufficient retirement savings. According to MLC, only 30 per cent of Australians with children believe they have enough funds to invest in retirement.
NAB general manager, corporate super, Lara Bourguignon said: “The survey results highlight that more needs to be done across the board to ensure a comfortable retirement – particularly for families with kids.”
The survey also found that nearly one in five don’t expect to retire until 70 or older, with most Australians predicting to retire with an average $471,000 in superannuation. However, women believe they will have approximately $390,000, comparatively less than men at $538,000.
When asked about concerns in regards to super and investments, Australians are most worried about having inadequate funds, regulation and having their savings eroded by inflation.
Only one in 10 respondents gave a “high” consideration to the possibility of a major financial setback such as health issues, risk in financial markets and job security.
“Around 38 per cent of investors located in rural towns or the bush gave “very low” consideration to a major future financial setback, compared to 27 per cent of investors living in capital cities and 28 per cent in regional cities,” the survey said.
“Regional city residents gave it the most consideration with 34 per cent answering 'medium' and 12 per cent 'high'."
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