Australian Retirement Trust (ART) research has found less than two in five Australians are confident they will have sufficient assets to retire.
The $330 billion super fund’s research of over 1,000 Australians found less than two in five (37%) Australians are confident they’ll have enough money in their superannuation when they retire to fund their desired retirement.
Women were more likely than men to say they are not confident or are unsure (71 per cent compared to 56 per cent).
In light of the findings, 72 per cent of Australians agreed they need to pay more attention to their superannuation.
ART executive general manager for advocacy and impact, Anne Fuchs, recommended people pay close attention to their annual statement which contains information on their super performance, where it is invested, fees and insurance and employer contributions.
She said: “Nearly one million of our members have already opened their annual statements, which reinforces what our research shows – Australians understand the importance of engaging with their super, but there’s still a confidence gap.
“Annual statements are like an annual health check for your super that enables a member to better understand their retirement nest egg. And like your health check, it’s best not to ignore the state of your super.
“If you see something that needs further attention you can go to a specialist in the form of a financial adviser.
“We want women in particular to take a moment to review their annual statement, as our research shows they’re more likely than men to feel uncertain about having enough for retirement.”
With the need for guidance and advice front of mind, the super fund has entered a partnership with State Street Investment Management to deliver global investment insights and practice strategies to Australian advisers.
Announced in September, the collaboration between the fund and State Street will benefit local advisers through providing integrated access to State Street’s investment and practice management insights.
Advisers will gain access to practical guidance and evidence-based insights to navigate industry shifts, align with client demands, and strengthen business outcomes.
“We know advisers and clients are increasingly looking to take advantage of global investment opportunities to help diversify their portfolios,” Fuchs said. “Strengthening the knowledge offering our adviser network can access would in turn have a big impact on our members, and support them being able to reach better outcomes in retirement.”
