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Retirement savings: Aussies not practising what they preach

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The Confidence in Corporate Reporting survey, conducted by CPA Australia, found that this proportion increases amongst women aged between 51-55 years, with six out of every 10 women not confident in being able to provide for themselves in retirement. Interestingly, amongst the 56 plus age group the results were the inverse, where 67% of men and women confident that they have enough money to retire on. The survey also asked respondents about how they intended to fund their retirement. Two thirds of the public will be relying on compulsory superannuation, and within this 34% said that this would be their primary source of funding. Fifty four per cent pointed to voluntary superannuation, with 21% indicating that this would be their sole source of retirement monies. Besides superannuation, 32% said they would use managed funds, 23% would have direct shares, 24% expect to downsize the family home and 13% would have property investments. Reverse mortgages will be used to finance retirement by 14% of the public.

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