POWERED BY MOMENTUM MEDIA
Gen Z seeking retirement advice in droves
Younger Australians are showing surprising levels of concern about their retirement, with Roy Morgan finding that Generation Z is the demographic most likely to ask friends and family for advice about retirement planning.
At 30 per cent, the portion of Gen Z-ers asking for advice was nearly double that of any other generation. Just under a fifth of Millennials asked family and friends for retirement planning advice, with 13 per cent of Gen X and 14 per cent of Baby Boomers asking.
Baby Boomers were the most trusted source for advice, with 14 per cent being asked for retirement planning tips. In contrast, just eight per cent of Gen X, seven per cent of Pre-Boomers and Millennials and four per cent of Gen Z were considered trusted advisers on the topic.
The chart below shows this breakdown between info seekers, who seek advice from family and friends about retirement planning, and trusted advisers, who are asked for advice, across generations.
Roy Morgan chief executive, Michele Levine, said the research showed that the financial services sector shouldn’t discount young Australians in their customer recruitment plans.
“Although the aggregate banking and financial assets of Generation Z of around $120 billion are significantly lower than older generations such as Millennials ($900 billion) or Generation X and Baby Boomers (each over $1.5 trillion), these results show that banking and finance companies looking for new customers need to target younger Australians as they enter the workforce rather than wait until these workers settle into working life and build their wealth,” she said.
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
