{"id":1095,"date":"2017-06-28T05:30:10","date_gmt":"2017-06-28T05:30:10","guid":{"rendered":"http:\/\/actinvest.com.au\/?p=1095"},"modified":"2017-06-28T05:30:10","modified_gmt":"2017-06-28T05:30:10","slug":"adequacy-of-savings-still-a-concern-among-australians","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/adequacy-of-savings-still-a-concern-among-australians\/","title":{"rendered":"Adequacy of savings still a concern among Australians"},"content":{"rendered":"<p><strong>The latest research into superannuation showed a significant proportion of Australians were still concerned about having enough money saved to fund their retirement.<\/strong><\/p>\n<p style=\"text-align:center\"><img loading=\"lazy\" alt=\"\" height=\"263\" src=\"http:\/\/www.plannerweb.com.au\/images\/adequacy-of-super.jpg\" width=\"400\" \/><\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n<p>\u00a0<\/p>\n<p>The \u201cRaboDirect Financial Health Barometer 2017 Super &amp; Retirement Report\u201d found 44 per cent of Australians did not believe they had enough money to fund their retirement.<\/p>\n<p>Despite this concern, only 32 per cent of respondents said they were making voluntary contributions to their superannuation account.<\/p>\n<p>\u201cThere\u2019s definitely a head in the sand syndrome with people in terms of their approach to superannuation,\u201d RaboDirect head Bede Cronin said.<\/p>\n<p>Cronin pointed out 31 per cent of people were making voluntary contributions when the survey was performed in 2013, \u201cso we haven\u2019t seen a progressive increase in people making voluntary contributions yet\u201d.<\/p>\n<p>Another alarming statistic the report highlighted was a growing gap between the amount of money people expected to need in retirement versus their actual required living costs.\u00a0<\/p>\n<p>This gap stood at $268,502 in 2014 and increased to $353,125 in the 2017 report.<\/p>\n<p>Further, the research showed 18 per cent of respondents were relying on an inheritance for their retirement savings plan.<\/p>\n<p>\u201cThat\u2019s a bit of a call out for me particularly when we start to see people\u2019s expectations of what they think they need in retirement are actually far below what actually independent research suggests is what you\u2019ll need for a comfortable retirement,\u201d Cronin said.<\/p>\n<p>\u201cSo there is already a disconnect there from what people think they\u2019re going to have and what they actually will need, and this trend of people saying \u2018well, I can just not even worry about it because I\u2019m going to get an inheritance\u2019 is slightly concerning.\u201d<\/p>\n<p>Based on the findings, he said RaboDirect advocated for individuals to start to take an interest in their superannuation and understand the changes to the system to be implemented on 1 July, which were likely to have both positive and negative effects.\u00a0<\/p>\n<p>The report findings were based on a survey of 2300 Australians aged between 18 and 65.<\/p>\n<p>\u00a0<\/p>\n<p>By Darin Tyson-Chan<br \/>\n15 Jun 2017<br \/>\nwww.financialobserver.com.au<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>The latest research into superannuation showed a significant proportion of Australians were still concerned about having enough money saved to fund their retirement.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1095"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1095"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1095\/revisions"}],"predecessor-version":[{"id":1097,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1095\/revisions\/1097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1096"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}