The study, which surveyed over 4,000 people globally, including more than 1,000 Australians, showed that Australian investors appear marginally more receptive to receiving advice from an adviser, with 30 per cent receiving formal advice, up from 29 per cent.
However, 52 per cent (up from 32 per cent) of respondents now point to their superannuation fund as a source of advice.
Just 9 per cent said they receive “no advice”, compared with 24 per cent last year.
“Investors appear much more receptive to receiving advice as they increasingly assert their investment preferences, and trusted superannuation funds are poised to build out advice models,” said Marian Poirier, senior managing director and head of Australia and New Zealand at MFS Investment Management.
In fact, the survey revealed that as many as 61 per cent of respondents indicated that they would use an adviser if one was offered by their super fund, up from 48 per cent the year prior.
In-person remains the preferred way to receive advice, but investors are increasingly turning to financial publications (15 per cent, up from 7 per cent) and robo-advisers (11 per cent, up from 8 per cent).
Aussies regaining confidence in retirement wealth
While more than half (52 per cent) of Australians aged under 45 still believe they will need to work longer than expected due to COVID-19, that number is still down from 2021 (58 per cent).
Under 45s (30 per cent) are also more likely to no longer think they will be able to retire than over 45s (21 per cent), though that is a large drop from the previous year at 39 per cent and 27 per cent, respectively.
The expected retirement age for respondents has increased from 60.7 last year to 66, though more are expecting a hard stop in their working life, up to 18 per cent from 13 per cent last year.
A third (34 per cent) of over 45 respondents said they would seek advice from a financial adviser post-retirement; 32 per cent will set up an account-based pension with MySuper; 25 per cent will begin a transition to retirement income stream with MySuper while still working; 22 per cent expect to rely on the age pension partially or fully; and only 16 per cent will take a lump sum.
Australians top the list when it comes to having ESG investments offered in their retirement plans, with 81 per cent wanting this option, up from 74 per cent in 2021. ESG demand was also high in the UK (80 per cent), the US (78 per cent) and Canada (72 per cent).
MSF said that while the survey globally showed a correlation between age and demand for ESG in all regions, Australian Baby Boomers (aged 55 to 73) displayed the greatest sentiment change of all ages and regions, with 71 per cent wanting ESG in their super offerings, up from 65 per cent last year.
“Though planning a comfortable retirement with certainty remains difficult, it is encouraging to see confidence and conviction levels return after the destabilising effects of COVID,” Ms Poirier said.
“Our survey once again reinforces the idiosyncratic nature of retirement planning and the inadequacy of the ‘one-size-fits-all’ approach. Confidence around retiring is affected by global and economic events, but it is encouraging to see there is a growing understanding of how to better meet retirement goals.”
