Nearly one in five Australians now believe they will retire when they are aged 70 or older, according to new research released by National Australia Bank (NAB) wealth management entity, MLC.
The research, the MLC Wealth Sentiment Survey, has confirmed continuing uncertainty in the minds of Australians about whether they will have accumulated enough for a comfortable retirement, but has identified a clear trend with respect to people expecting to stay longer in the workforce.
The research, covering the third quarter of 2015, showed the majority of Australians (31 per cent) expect to retire between the ages of 65 and 69, with more people expecting to retire before age 65, but with nearly one in five now believing they will retire when they are 70 or older.
However the research suggested there was a direct correlation between a person's wealth and that person's expectations with respect to retirement age.
It found that, generally, those in the highest income group expected to retire earlier, with 47 per cent of those earning over $100,000 expecting to retire before age 65, compared to 36 per cent for those earning less than $35,000.
It said more Australians on lower incomes expected to retire aged over 70, with 25 per cent of those earning between $35,000 and $50,000 expecting this would be the case.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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