Retiring Australians lack confidence
Almost half of Australians approaching retirement do not feel confident they have sufficient funds to do what they want to do, according to new research released by ANZ.
The research, released as part of the bank’s promotion of so-called Retirement Banking Specialists at its branches, claimed that only around 24 per cent of the people it surveyed felt confident about their finances in retirement.
However, the research also revealed that while Australians might lack confidence about the adequacy of their retirement funds, travel remained high on their agenda, with 92 per cent indicating they wanted to travel around Australia, while 83 per cent wanted to spend more time on hobbies or playing sports.
Commenting on the survey findings, ANZ managing director, retail distribution, Louis Hawke said the research had also revealed that only 28 per cent of people approaching retirement would talk to their bank about their retirement services, giving rise to the need for the ANZ’s new service.
“Being financially prepared doesn’t just mean looking after your superannuation,” he said. “Simple things such as restructuring bank accounts or switching to products that better suit people’s new lifestyles can make a big difference.”
AUTHOR
Mike Taylor
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