A recent UniSuper survey has shown professional financial advice contributes significantly to building confidence among Australians as they plan for their retirement.
The study found 71 per cent of retirees who accessed financial advice felt confident about their next phase of life. More specifically, of those Australians who had received financial advice, 68 per cent knew exactly how much money they needed for retirement with 80 per cent of this cohort believing they will retire as planned.
In contrast, the research revealed 48 per cent of the general population say they do not know how much money they will need to comfortably retire, 45 per cent admitting to a belief they are not financially prepared for retirement and 68 per cent expressing concerns about outliving their retirement savings.
“This research reinforces what we’ve long believed at UniSuper – quality advice is the single most powerful tool we have to empower the next generation of retirees and help them achieve better outcomes with confidence and clarity,” UniSuper financial advice and education general manager Andrew Gregory said.
“The confidence gap between those who have received financial advice and those who haven’t speaks volumes about the power of guidance. At UniSuper, 66 per cent of members starting a retirement income stream have already tapped into our advice services and 80 per cent of our retirees have leaned on support to retire with greater clarity, confidence and peace of mind.”
The findings also highlighted the changing nature of retirement in Australia, with 81 per cent of those yet to retire saying they plan to keep working in some way, either through a new job, volunteering or flexible, hybrid work.
“Australians are seeking meaningful ways to stay connected and they’re doing it on their own terms. Whether it’s part-time work, volunteering or creative pursuits, the path to purpose in retirement is deeply personal,” UniSuper chief executive Peter Chun noted.
The above results were collated from a survey involving just over 2000 adults aged between 35 and 75.
