Financial security a real worry for over 50s, survey reveals
THE possibility of a meagre retirement is weighing heavily on the majority of older Australians, with only one-fifth of over 50s confident they are on track for a comfortable retirement.
A new survey by St George Bank of 1000 Australians aged 50 to 75 has revealed that more than one in three do not feel they have enough money set aside for retirement, and that having financial security in retirement is their biggest concern.
Despite this, almost three quarters (73%) of those surveyed confessed they have never sought professional financial planning advice, while 26% said they have never reviewed their financial plan and another 24% only review their plan once a year.
For the one-quarter of respondents that have sought professional financial advice, over half of those (55%) spoke to a financial adviser, while one-fifth spoke to their superannuation fund and 14% to their bank.
Are you confident you will have enough savings for retirement?
This poll ended on 25 December 2016.
Yes, I've been saving for years.
No, I'm worried.
Honestly, I don't know.
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.
Ross Miller, general manager of St George Retail Bank, said the research findings were a reminder to those over 50 to continually evaluate their financial plan so they can live a full life with security in retirement.
"It's eye-opening to see only one quarter of respondents have sought professional advice, despite the research signalling that older Australians are more worried about their financial security in retirement than they are about their health, losing independence, or maintaining a sense of purpose."
Financial security was ranked as the biggest concern in retirement, followed by health issues and losing independence, maintaining a sense of purpose, and estate planning.