Research showing a decline in the number of Australians who believe they will need Government support to fund their retirements reflects the success of the superannuation system, MLC chief executive, Andrew Hagger says.
Data from the IPSOS/MLC Australia Today — part two — A look at lifestyle, financial security, and retirement in Australia, white paper, found that 43 per cent of Australians said they anticipated needing the Age Pension to supplement their retirement savings — down from 53 per cent of current retirees.
MLC chief executive, Andrew Hagger, said the research showed that Australians' increased confidence in their ability to fund their own retirements without seeking Government support reflected positively on the superannuation system.
‘'This trend demonstrates the potential of our superannuation system — to increase self-sufficiency in retirement — and it seems this is being realised by individuals, which can only be a positive for Australia," he said.
"That is why it is more critical than ever that the objectives of super are enshrined in law as swiftly as possible to avoid constant political tinkering and provide stability and certainly to all Australians."
The research found that Australians in their mid to late 20s were the most confident of being able to support their retirements, with two-thirds believing they would not have to seek Government support, MLC executive general manager, wealth advice, Greg Miller, said.
"The research unveiled [that] those with financial professionals — like a financial adviser — are consistently more likely to be confident about financial matters, spending, and financial planning for the future," he said.
"These insights should drive advisers to stay ahead of the curve, embrace the opportunity and skill up on what may have previously been seen as non-traditional advice services, such as personal and business succession planning, which can enable customers to pass on their wealth according to their wishes."