POWERED BY MOMENTUM MEDIA
Aussies regret lack of savings culture
Only 6 per cent of Australians thought saving for retirement was a top priority when they were younger but more than half wish they had started saving earlier.
Those are the findings of new research by REST Industry Super, which asked 1,000 people aged 35-55 to think about the financial lessons they have learnt over the years and how their attitude to money has changed over time.
"Superannuation has a large role to play in future financial security and yet only a minority identified saving for retirement as a priority," REST CEO Damian Hill said.
"It's pleasing to see that young Australians are thinking about saving, but balancing financial needs in the present and in the future is critical."
While they had many financial regrets, 34 per cent said that starting saving on a regular basis, 32 per cent said opening their first bank account and one in four said getting a part-time job were some of the best financial decisions they made in their youth.
One in 10 said habits like starting a piggy bank when they were young set good saving behaviours in stone.
"Establishing good saving habits early in life is crucial to achieving your financial goals, whether they be short-term, like affording an overseas trip, or long-term, like ensuring a comfortable retirement," Hill said.
More than a third (38 per cent) said they would stick to a tighter budget, while 27 per cent said they would try to better understand how to manage their money.
Less than 1 per cent got professional financial advice when young, but 31 per cent think they would have achieved more of their financial goals if they had.
Over half (55 per cent) got their advice from their parents.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
