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Financial Guidance Boosting Retirement Security
Financial Guidance Boosting Retirement Security
In the realm of fiscal wellbeing, informed decisions often spell the difference between stress and security.
A recent study conducted by Challenger Limited throws light on this notion, revealing how Australians lacking financial advice perceive a greater strain from the cost of living on their economic stability.
The report, anchored in the noteworthy findings from the Challenger Retirement Happiness Index, indicates that Australians who haven't benefitted from professional financial guidance are 39% more likely to feel the pinch of living expenses than the 25% who have been counselled financially.
Insights into the behavior of Australians entering or navigating retirement underscored a common thread – the acknowledgment of the link between financial awareness and contentment. Here's what the research delineated:
- Close to half of Australians over 60 have consulted a financial adviser at some point.
- Seventeen percent are actively seeking advice, while approximately one-third have done so in the past.
- Individuals who proceed without counsel are 40%, significantly more prone than the 26% who've been advised, to believe that rising living costs will undermine their retirement savings.
- The demographic split reveals married individuals over 60 engaging more with professional advisory services (20%) in comparison to singles (12%).
Delving into the geographic spread of financial consultancy, disparities emerge among residents of different states:
- Residents of NSW, Victoria, and South Australia surpass their neighbours in Western Australia in financial advice seeking – with 19%, 17%, and 27% respectively, engaging advisors, in stark contrast to WA's 8%.
- Moreover, Queenslanders and Western Australians are more inclined towards financial self-sufficiency or non-engagement, with 29% and 31% respectively, neither having sought nor planning to seek financial advice, compared with Victoria's mere 19%.
A convening of over 1000 Australians over the age of 60 allowed Challenger, in collaboration with the independent research entity YouGov, to unravel the factors influencing retirement satisfaction.
Mandy Mannix, Challenger's Customer Experience Chief Executive, reacted to these findings by drawing attention to a poignant fact – almost half of the survey participants desired greater budgetary safekeeping. This sentiment resonates with the industry's commitment to elevating retirees' later years through enhanced happiness and security.
Published:Monday, 8th Apr 2024
Source: Paige Estritori
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Personal Loan:
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ
Quick Links: | Small Loans | Student Loans | Finance Australia | Quick Finance | No Credit Check | Payday Loan | $5000 Loans