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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines of what’s happening when it comes to the world of superannuation, property, investing and wealth creation.

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Steve Waters, director of Right Property Group, talks about affordability, inflation and his expectations for property in 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers the interesting topic of buy now, pay later and what its introduction to the hospitality industry could mean for consumers. She also relays her thoughts on CBA’s entry into crypto and how other banks may react.

Finally, tax and super guru Timothy Munro tackles the likely return of a popular tax-saving measure in 2022. He also delves into super’s stellar performance and why Aussies aren’t leaving failing MySuper products.

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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Retirement

Only 1 in 10 Aussies considered wealthy

By Jack Derwin

April 10 2017
Share

Retirement

Only 1 in 10 Aussies considered wealthy

By Jack Derwin
April 10 2017

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

By Jack Derwin

April 10 2017
Share

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.

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