Nearly two thirds of Australians are not confident of having enough money to retire on comfortably, according to a new consumer survey by advertising agency Patterson Partners Adcafe.
62 per cent of the survey’s 1,100 respondents did not believe they would have enough to retire on, despite 84 per cent of all those surveyed claiming to be active in managing their finances.
The poll found most respondents turned to their partners for information on wealth creation before using any other source of information.
Males were found to be just as likely to turn to a financial advisor as their partner, whilst women ranked friends and family as their next best source.
The Internet ranked low as a source of information on personal wealth, with only 7 per cent of all respondents using it.
A “very low percentage of respondents considered themselves financial wizards”, according to Patterson Partners Adcafe managing director Jo Patterson.
10 per cent of respondents described themselves as “hopeless” at managing their finances, Patterson said, while 27 per cent “just got by”.
73 per cent of surveyed males said they were responsible for making investment decisions, while 21 per cent of females indicated their father or partners were in charge of this.
68 per cent of respondents voted property as the best investment, despite the slowing property market, with only 19 per cent indicating a preference for shares.
24 per cent of respondents claimed to be unable to save any portion of their salary, statistics which Patterson said, applied particularly to the 45 to 54 demographic.
In addition, she said, 32 per cent revealed that they were “not saving for a rainy day”.
One third of respondents claimed to be saving for the future of their children, with a focus on providing them with the best possible education.
Blue collar construction workers in the 35 to 44 survey demographic worked the hardest at saving for their children’s education.
76 per cent of female respondents claiming responsibility of managing household funds, while 32 per cent of males indicated their wife or girlfriend looked after this
Paying bills was also largely seen as a woman’s job at home, particularly in the 35 to 44 survey demographic, and also beyond the age of 55.
