POWERED BY MOMENTUM MEDIA
(May-2002) Australians head blindly into retirement
Research by the Commonwealth Bank Group found that an alarmingly high number of Australian women — around 54 per cent of all 16 to 59 year olds surveyed — expect to suffer financial hardship throughout their retirement, which can now represent a period of more than 25 years.
The survey found that 36 per cent of women believe they won’t have enough money to live on when they retire unless they get financial help. A further 18 per cent say they will only have enough if they cut back their current lifestyle dramatically.
In comparison, one in four Australian men say they may need financial help and a further 20 per cent expect to cut back their lifestyle drastically to survive.
Commonwealth Bank Group general manager, investments and insurance, Peter Beck, says: “This research confirms our view that many Australians are heading blindly into retirement without understanding how to prepare. Men and women of all ages and incomes remain confused about how much they need to retire on, what they have set aside for retirement and how they can help themselves achieve their goals.”
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