Advice critical to retirement confidence for many

Financial Planning  |  23/06/2015  |   2 min read

Anxiety about having enough income in retirement and whether savings will last is still concerning over 40% of pre-retirees, according to two separate surveys we conducted recently.

In our online Pulse survey, 40.7% of respondents said they were unsure about whether they had enough saved for retirement, while in our 2015 Annual Member Survey, 46.2% of respondents said they felt some degree of anxiety when they thought about their retirement finances. It shows why education and advice have become a vital component in the mix of services offered to our members.

In the Pulse survey, 55% of respondents believe they will rely wholly or in part on the government age pension to provide an income. Only about a quarter of respondents felt confident about their retirement finances and thought they would have enough. 40% said they would consult a planner for help with their retirement finances.

The message about drawing a regular income from super rather than a lump sum is gaining traction with 94% of Equip members who would not consult a planner saying they would leave money invested in super and withdraw money as required. Equip was rated the most trusted source of superannuation advice by members.