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Older Aussies adverse to stock market risk
Retired Australians want financial security and peace of mind, but are worried about gambling their life savings on share market-dominated superannuation, research from National Seniors Australia’s new study shows.
It points to a failure of the superannuation system to help retirees safely convert their savings into reliable income that lasts a life time.
Professor John McCallum, National Seniors chief executive officer, said the study revealed the conflict experienced by many retirees who felt they had little option, but to continue ‘gamble’ in the share market, despite a low tolerance for risk.
“When members reach retirement, the risk of managing their superannuation savings shifts from the super fund trustee to the retiree who may have little experience with this,” McCallum said.
“It is both a clear opportunity and a responsibility for the superannuation sector and government to reset the regulatory and product focus of superannuation to better meet the needs of Australian retirees.”
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AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
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