Wed 30 August 2017 - Paramount Financial Solutions
Are we the key to you retiring in comfort?
Results from a survey in the report, titled Australia today:
A look at lifestyle, financial security and retirement in Australia, revealed
35 per cent of retirees who had a financial planner or adviser felt ‘very or
fairly well prepared’ for retirement.
Conversely, only 9 per cent of those who went without a
financial planner felt the same.
A majority (77 per cent) of those who did not engage a
financial professional felt ‘slightly or not at all prepared’ for retirement.
“When it comes to feeling prepared for retirement, the
knowledge gained from working with a financial professional made a significant
difference to how prepared participants felt,” the report said.
“Knowledge makes a big difference to our level of confidence
and ability to self-fund our retirement.”
Additionally, the report found that those who employed
financial professionals were also found to be far less likely to rely on the
government.
“Only 27 per cent of those with a financial planner/adviser
and 31 per cent of those with an accountant indicated that they agree with ‘I
am/will relying on the Australian government in my retirement’, as opposed to
49 per cent among those who don’t employ a financial professional,” the report
said.
Those with assets were also found to be significantly more
confident about retirement. 56 per cent of respondents with net investment
assets totalling $1 million or more felt ‘very or fairly well prepared’, while
only 14 per cent of those without assets of that amount felt the same.