The study found Australians remain cautious about our economic outlook and are focused on deposits and paying off debt.
However consumer appetite for risk appears likely to increase marginally over the coming months, with a growing desire to put more into property investments and shares.
NAB Wealth Group executive and MLC CEO Andrew Hagger said:
“With people living longer, having extended retirements and being much more active in their retirement, the harsh reality is most people won’t have enough savings to fund their retirement,”[sam id=34 codes=’true’]
“For women this especially rings true, as women retire with 40% less super than men because they take time out for children, are more likely to work part time and typically earn less than men. While it’s not surprising to us that women are worried about funding their retirement, the survey is a timely reminder to women about how they can start to bridge the gap by adopting some key savings strategies.”
Key findings from the survey include:
- When asked to rate their current concerns about risks in super and investments on a scale of one to 10 (low to high concern), at an average 7.02, women are the most concerned about inadequate savings in retirement (compared to males at 6.74).
- Looking more closely by age, females aged 50+ were the most concerned (at 7.21), compared to their male counterparts of the same age (6.22).
- Males are typically more concerned about missing investment opportunities.
- Those within five years of retirement tend to invest more conservatively for income than growth. However, females aged over 50 are more than 60% more likely to nominate this strategy than their male counterparts (9.92% to 6.06%).
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.