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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Australians remain pessimistic about retirement outlook

By Cameron Micallef

July 20 2020
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Australians remain pessimistic about retirement outlook

By Cameron Micallef
July 20 2020

Australians are no longer confident of a comfortable retirement despite the impact of COVID-19 expected to be short-lived, new research finds.

Australians remain pessimistic about retirement outlook

By Cameron Micallef

July 20 2020
Share

Australians are no longer confident of a comfortable retirement despite the impact of COVID-19 expected to be short-lived, new research finds.

Survey results from State Street have found that 42 per cent of Australians are not optimistic about their retirement outcomes, a level similar to 2018 suggesting the lack of confidence may not solely be attributed to COVID-19.

Despite the impacts of COVID-19, the report showed many Australians were optimistic about the figure.

“We wanted to assess whether the impact of COVID-19 was expected to continue into the long term, therefore having greater implications for retirement savings,” said Jonathan Shead, State Streets’ head of investments, Australia.

“The majority of Australian savers felt that the impact that COVID-19 would have on their finances would most likely last a year or less.”

The report found that COVID-19 is just one of the factors limiting retirement confidence. Whilst most thought that the financial impact of the crisis would be short-lived, 38 per cent of the Australian sample said that the COVID-19 situation was having a high impact on their retirement confidence levels.

“I am most concerned about the time it will take for my superannuation balance to recover from the fall in the stock market since the outbreak of COVID-19,” one responder noted.

However, other key areas impacting retirement confidence in Australia were no spare money to save for retirement, uncertainty about retirement plans, and lack of trust in the retirement system.

Despite fears of not having enough in retirement, the majority of Australians have not made changes to their retirement savings plan. The majority of the Australian sample (67 per cent) have not made any changes to the amount they save into their retirement savings plans; however, 21 per cent said they have reduced or stopped their rate of saving. Only 7 per cent of the UK sample had done the same.

“Members expect the impact of COVID-19 to be short-lived, and aren’t changing their retirement saving behaviour. Australians’ priorities are understandably going to be focused on the short and medium-term challenges associated with the crisis, but it is critical that retirement savings are not put on the back burner, leading to negative long-term consequences,” Mr Shead said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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