Retirement planning high on financial aspiration tick list
Australians have a diverse mix of financial goals many of which revolve around long-term financial planning including accumulating adequate retirement provisions, paying off debt and being mortgage free, according to a survey from finder.com.au.
Being mortgage-free remained the most highly voted financial milestone in terms of importance, but having enough super for a comfortable retirement followed closely behind.
A total of 59 per cent considered adequate super arrangements for a comfortable retirement as an important milestone, while 36 per cent said going overseas was a strong aspiration along with owning an investment property (25 per cent).
Finder.com.au money expert, Bessie Hassan said the results from the comparison website’s survey represented a shift in what marked success for the average Australian.
“While property is still prevalent among our financial aspirations, there are other goals that are highly valued such having a salary of $150,000 or greater and helping kids get a foothold on the property ladder,” she said.
“It’s encouraging to see that Australians are adopting a long-term mindset and thinking about paying down mortgage debt, [and] having enough funds to retire.”
Other financial milestone considered important were being able to retire at 50 (24 per cent) and receiving a salary over $150,000 (23 per cent). Starting a business was a principal goal for 17 per cent of survey respondents, with 14 per cent and 11 per cent respectively focused on the expansion of their investment portfolio to two or three investment properties, and the purchase of a holiday house as their main financial goal.
AUTHOR
Hope William-Smith
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
