One in two Australians feel they aren’t doing enough to achieve their financial goals the latest MLC Wealth Sentiment Survey has revealed.
In the study, 50 per cent of Australian participants said self-doubt is the reason for falling short on wealth goals, while 32 per cent said not earning enough money is the problem. These two factors were nominated by respondents as more significant than being scared of risk or spending more than they earn.
Closely tied to the lagging confidence of Australians is the poor number of people who do not have a plan to save and invest, the research showed.
Just one in four respondents reported having a financial plan.
NAB general manager, corporate super, Lara Bourguignon said, “With so few people having a financial plan, we perhaps shouldn’t be surprised that Australians doubt themselves and don’t believe they have done enough to reach their wealth goals.”
The survey also asked Australians to define “wealth”. On average, 33 per cent said they defined wealth as income, 29 per cent defined it as lifestyle wealth and 24 per cent said net worth.
The most important aspects of lifestyle wealth were being debt free, having enough money for emergencies, and being able to fund desired lifestyles, the survey showed.
On average, participants estimated they would need approximately $818,000 in savings and investments in order to retire, however expect to retire on just $557,000 (excluding home equity).
cmon tell the truth the public has been screwed over by the big 4 banks and the FOS and ASIC .
Please go to the real people who have lost out by unscrupulous acts by the criminals and explain how they did the wrong thing…………actually probably they should have seen a independent F/A
Fundamental problem is the low real rate of return.
How does a person on an average income buy a home and bring up a family and accumulate $818,000 (indexed to inflation) unless one can get a real rate of return that is significantly above zero.
Show me the maths.
Do a projection with low real rates of return.