Retirement
Only 1 in 10 Aussies considered wealthy
Australia’s financial health appears at risk, with the majority of Aussies believing they won’t have enough to sustain their retirement, according to a new study.

Only 1 in 10 Aussies considered wealthy
Australia’s financial health appears at risk, with the majority of Aussies believing they won’t have enough to sustain their retirement, according to a new study.

The study conducted by NAB-owned wealth manager MLC Wealth showed just 6 per cent of Australians would classify themselves as wealthy.
The survey found that Australians are largely dissatisfied with their net wealth, rating theirs 4.1 out of ten on average.
Worryingly, 48 per cent of men and 55 per cent of women did not expect to have enough to retire on. Almost a third of women said they would have “far from enough”.
“What we tend to see is that people are busy and are overwhelmed by all the financial decisions they have to make [and] in the end, they often don’t end up doing much at all, or doing what’s easiest, which may not be the best course of action,” NAB executive general manager of wealth advice Greg Miller said.
With Australians expecting to require $873,000 in assets, including homes, on average to retire, the need for greater planning is urgent, according to MLB.
A lack of advice and a good financial plan could be contributing to growing financial anxiety, evidenced by the fact that 70 per cent of Australians have not received financial advice in the last two years.
“It’s natural that having a professional do the legwork and guiding you through such an important part of life takes a lot of the stress away,” Mr Miller said.
Despite these concerns, Australians are intending to invest less – 9 per cent less this quarter and 5 per cent less over the next 12 months, according to the study.

Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more

Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more