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New study reveals habits that boost retirement confidence
A recent study by AustralianSuper has found that less than half of Australians are confident about their retirement prospects, but simple daily habits can significantly improve this outlook.
New study reveals habits that boost retirement confidence
A recent study by AustralianSuper has found that less than half of Australians are confident about their retirement prospects, but simple daily habits can significantly improve this outlook.
The Retirement Confidence Study, which surveyed over 5,000 Australians, revealed that only 46% feel confident they will live well in retirement.
However, the research identified several key factors that can boost retirement confidence:
- Paying off monthly bills: Those who do so are more likely to feel confident about retirement (50%) compared to those who don't (18%).
- Saving consistently: 59% of people who regularly save money feel confident about retirement, versus 17% of those who don't.
- Setting clear savings goals: 67% of individuals with defined savings goals feel confident about retirement, compared to 26% without such goals.
- Discussing retirement plans: 63% of those who share their plans with others feel confident, versus 28% who don't.
Shawn Blackmore, AustralianSuper's Chief Officer of Retirement, emphasized the importance of planning and goal-setting.
"Interestingly, the most influential driver of retirement confidence is goal setting and planning, with effective money management being the second most influential factor," Blackmore said.
The study also found that those who received financial advice were 50% more confident than those who didn't.
Engagement with superannuation also played a role, with those making additional contributions (58%), reviewing annual statements (56%), and checking balances (50%) feeling more confident than those who did none of these things (36%).
Demographic differences were also noted, with men (53%) generally more confident than women (39%), and ACT residents (57%) the most confident nationally.
Blackmore emphasized the importance of understanding Australians' needs when it comes to retirement planning.
"This research helps us better understand the support Australians need when it comes to retirement so we can boost their confidence by providing the right information, guidance and advice at the right time," he said.
The study highlighted the impact of cost-of-living challenges on retirement planning, with those unaffected by these challenges significantly more confident (70%) than those impacted (32%).
AustralianSuper provided several tips to boost retirement confidence, including having open discussions about retirement plans, setting clear goals, considering a phased approach to retirement, careful budgeting, and seeking professional advice.
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