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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Retirement

Grim retirement outlook pervasive among young Australians

By Cameron Micallef · October 31 2019

Reading:

Retirement

Grim retirement outlook pervasive among young Australians

By Cameron Micallef
October 31 2019

Reading:

Grim retirement outlook pervasive among young Australians

By Cameron Micallef · October 31 2019

Reading:

Despite having the longest time horizon to actually plan out their retirement, younger Aussies are already exhibiting anxieties and fears about the golden years, according to a recent survey.

Survey results from Franklin Templeton showed that 70 per cent of Australians in both Generation Y (21-38) and Generation X (39-54) experience stress and anxiety about retirement.

Nearly three in four Gen Y respondents and a further 68 per cent of Gen Xers fear they are behind on their personal retirement goals.

Twenty-nine per cent of the Gen Y respondents even conceded that they don’t think they will ever be able to retire.

Head of retail for Franklin Templeton Manuel Damianakis stated that younger Australians do not see a brighter future.

“Younger Australians are often pessimistic about their capacity for home ownership, and it appears they are equally perturbed about financing retirement,” Mr Damianakis said.

Although younger Australians feel anxious about the future, they have the “greatest advantage for successful retirement, which is time”.

“When you consider that there are so many different projections about the amount of money a person will need in retirement, and estimates can differ by millions of dollars, this general malaise about retirement finance is not hard to understand,” said Mr Damianakis.

A significant number across all age groups reported having less than $50,000 in total savings for retirement, including 62 per cent of Gen Y respondents and 36 per cent of Gen X.

“Australians need to better understand the benefits of saving early and often, even in small amounts,” he advised.

“Seeking financial advice and having a sound written plan for retirement savings, both in super and outside of it, will help Australians to face their future with improved clarity and confidence.”

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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.