Aussies unprepared for financial future
Australians are being urged to start thinking about their financial future early, after a survey revealed most people in their 40s were unprepared for their retirement.
Data from CUA's National Mortgage Survey found 42 per cent of Australians in their 40s had not "even thought about planning for the financial future".
CUA head of partnership products, Ren Mazza, described the findings as "alarming".
"Without a clear plan in place to manage their money and grow their assets, people are missing an opportunity to set themselves and their families up for a comfortable and secure future," he said.
"It's worrying that so many Australians in the later years of their working lives… haven't got financial plans in place.
"In fact, less than one in 10 people aged 40 to 49 said they had a comprehensive financial plan in place for their property, investments, insurance, savings and budget."
While most Australians in their 40s reported being unprepared for their financial futures, one in five aged 25 to 29 said they had comprehensive plan in place for the next five to 10 years.
Mazza said the results highlighted the need for lower income earners and non-mortgage holders to seek financial advice.
"When it comes to financial advice, people can be put off by the belief you need to have a lot of wealth to have a financial plan," he said.
"But people with relatively modest income or assets also need to set themselves up for the future."
AUTHOR
Nicholas O'Donoghue
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