Survey: Financial advice boosts confidence in retirement

77%

Seventy-seven percent of Australian pre-retirees who haven’t enlisted the help of financial professionals don’t feel prepared for retirement, according to a recent survey by MLC*.


2x

But Australians engaging the help of financial professionals are more than twice as likely to feel ‘very or fairly well prepared’ for retirement than those without a financial professional.


25%

Those surveyed with financial planners are also 25% less likely to expect to rely on government support to ensure their financial security (52% with financial advisers compared with 27% without).


10%

And are 10% less likely to be relying on an inheritance to ensure financial security (77% with financial advisers compared with 67% without).


$58K

Couples need $58,922 per annum for a comfortable retirement and $34,064 per annum for a modest retirement, and singles needing from $23,000-$43,000 per annum for a modest to comfortable retirement, according to MLC.


2x

And are 10% less likely to be relying on an inheritance to ensure financial security (77% with financial advisers compared with 67% without).


Gen Y

Young people (aged 25-29) are also more likely to feel unprepared for retirement, as retirement seems too far off to worry about, according to the survey.


*MLC’s Australia Today report published 16 August 2016

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