MORE than one in three older Australians feel they don't have enough money set aside for retirement and over three-quarters have never received professional financial planning advice.
Research commissioned by St George Bank reveals that having financial security in retirement is people's biggest concern, with only just over one-fifth feeling on track for a comfortable retirement.
Despite this, 26 per cent of respondents say they have never reviewed their financial plan and another 24 per cent only review their plan once a year.
For the one-quarter of respondents who sought professional financial advice, more than half spoke to a financial adviser, while one-fifth spoke to their superannuation fund and 14 per cent to their bank.
St George Retail Bank general manager Ross Miller said the findings were a reminder to those over 50 to continually evaluate their financial plan so they can live a full life with security in retirement.
"With more than 40% of our customers over the age of 50, we know their lifestyle priorities and spending habits are rapidly changing and financial planning should reflect that," Mr Miller said.
Key findings:
- 27% of respondents do not feel on track for a comfortable retirement.
- 9% of respondents do not feel on track for a comfortable retirement, but do not plan to retire for some time.
- 42% of respondents said they may be on track for a comfortable retirement but would like to have some more money set aside.
- 22% of respondents said they are definitely on track for a comfortable retirement.
- 73% of respondents have never received professional financial planning advice.
The research was conducted by Pure Profile in August 2016, with 1000 respondents aged 50-75 surveyed across Australia.
