Those that have made additional investments tended to focus their capital in three key areas; Australian shares, residential property, and term deposits, Australian Unity’s Empirica Retirement Planning Research survey found.
Additionally, only 51 per cent of those yet to retire believe they’re currently using the best investment products available to them, the survey found.
“Among pre-retirees, those that don’t [believe they’re using the best available products] generally cited lack of knowledge around how to do so, a bad experience with a financial adviser in the past, or not having enough money to invest,” Australian Unity said.
David Bryant, the company’s chief executive, said many Baby Boomers still don’t understand superannuation and don’t have a plan for their retirement.
“The data shows most Baby Boomers have little strategy and insufficient funds to provide for the lifestyle they want in retirement,” he said.
However, Mr Bryant maintains that those approaching retirement still have time to reinforce their savings and prepare for life after work.
“Someone five to 10 years off retirement still has time to make the right decisions now to put in place steps to help ensure they are preparing for their future,” he said.
Data taken from Nest Egg’s own Retirement Sentiment Survey found that Australians who held additional investments outside of their super were more confident that they would be comfortable in retirement.