No Credit Check :: News
SHARE

Share this news item!

Study Finds 1 in 10 Aussies Unprepared for Financial Challenges

Study Finds 1 in 10 Aussies Unprepared for Financial Challenges

A recent study conducted by MLC reveals that while most Australians recognize the importance of superannuation in achieving financial independence, a significant portion of the population feels ill-prepared to overcome unexpected financial hurdles.
The study, called the Financial Freedom study, shows that although many Aussies are actively working towards improving their financial wellbeing, additional assistance is needed to achieve financial objectives and adequately plan for retirement.

The study found that 69% of Australians spend time contemplating their retirement savings, while 70% have a good understanding of how their superannuation can help them reach their financial goals. Despite this, 20% feel slightly prepared and 11% do not feel prepared at all to tackle unexpected personal finance challenges.

Interestingly, the research also reveals that almost four in five Australians (79%) have a rough idea of their superannuation fund balance. Furthermore, a significant number of individuals aged 18-42 (13% for 18-27, and 14% for 28-42) and aged 43-76 (20% for 43-57, and 16% for 58-76) make additional personal contributions to their super funds.

Mark Oliver, the Chief Distribution Officer and Head of Superannuation at Insignia, emphasizes the need for additional support in achieving financial freedom. He states, "While it is widely known that superannuation requires ongoing attention, the industry has a responsibility to empower members to feel confident about their superannuation and overall financial wellbeing. Waiting until retirement age to provide relevant tools, information, education, and advice is simply too late, especially considering the five million Australians nearing retirement."

In light of the ongoing debate surrounding the Quality of Advice Review (QAR) proposal, which grants more advisory power to super funds, Oliver expresses his support for the initiative. He believes expanding the personal advice offer by superannuation funds is a positive step forward in helping members effectively plan for retirement, despite concerns raised by some financial advisers about preservation of advice standards. Oliver acknowledges that financial advice requirements exist on a continuum, and expanding the scope of advice within superannuation will better meet these needs.

Published:Saturday, 11th Nov 2023
Source: financialservicesonline.com.au

Share this news item:

Finance News

New Challenges for Aussie Home Buyers New Challenges for Aussie Home Buyers
29 Nov 2023: .financialservicesonline.com.au

The latest ANZ CoreLogic Housing Affordability Report for November has revealed a 'triple whammy' effect on prospective home buyers in Australia. Affordability has worsened for not only buyers but also mortgage holders and renters, and unfortunately, the situation is predicted to deteriorate further by 2024. - read more
Baby Boomers' Spending Habits: A Challenge for RBA Baby Boomers' Spending Habits: A Challenge for RBA
28 Nov 2023: .financialservicesonline.com.au

Last week's release of spending data by Commbank IQ has shed light on a concerning trend that is most likely causing headaches within the Reserve Bank of Australia (RBA). - read more
Rise in Small Businesses Complaints to AFCA Indicates Growing Concerns Rise in Small Businesses Complaints to AFCA Indicates Growing Concerns
24 Nov 2023: .financialservicesonline.com.au

In the 2022-23 financial year, small businesses lodged a total of 3,807 complaints with the Australian Financial Complaints Authority (AFCA), indicating a significant increase of 9% compared to the previous year. As a result of these complaints, small businesses received $23.4 million in compensation and refunds, marking a 16% increase from the previous financial year. - read more
Why Embracing AI Can Enhance Your Financial Advice Business Why Embracing AI Can Enhance Your Financial Advice Business
23 Nov 2023: .financialservicesonline.com.au

Sue Viskovic, the founder of consulting firm Elixir Consulting, highlights the importance of incorporating AI into financial advice businesses in an upcoming episode of the IFA podcast. While there may be apprehension regarding the role of digital tools in providing advice, Viskovic emphasizes the continued need for human interaction and trust. - read more
New Insights on Inflation and the Australian Economy New Insights on Inflation and the Australian Economy
22 Nov 2023: .financialservicesonline.com.au

Reserve Bank governor Michele Bullock has issued a warning, stating that inflation will continue to be a 'crucial challenge' for the Australian economy in the next one or two years. While many attribute the current inflationary pressures to supply-side constraints, Bullock emphasizes the underlying demand component that central banks are trying to address. - read more
Gen Zs Financial Concerns Outweigh Other Generations Gen Zs Financial Concerns Outweigh Other Generations
18 Nov 2023: .financialservicesonline.com.au

Financial matters are causing significant worry among Gen Z individuals, with a staggering 68% feeling the pressure according to the recent research findings by ASIC's Moneysmart program, surpassing the concerns of any other age group. This release coincides with the introduction of a fresh consumer awareness campaign by Moneysmart, aimed at empowering Gen Z individuals to quickly acquire fundamental financial knowledge and develop positive fiscal habits. - read more
The Importance of Teaching Financial Literacy to Youth The Importance of Teaching Financial Literacy to Youth
17 Nov 2023: .financialservicesonline.com.au

During a recent outreach program at Penrhos College, Wealth Designers senior financial adviser Dawn Thomas asked a group of Year 9 students about the cohort with the least amount of superannuation. To their surprise, the answer was not what they expected. - read more
AMP's New Business-Focused Digital Bank AMP's New Business-Focused Digital Bank
17 Nov 2023: .financialservicesonline.com.au

AMP Group has announced its plans to launch a digital bank designed for sole traders and small businesses, expected to be operational by early 2025. This venture, aimed at disrupting a ready market, will see AMP partner with Engine by Starling, a UK-based neobank subsidiary, to leverage its modular platform for a scalable and robust infrastructure. - read more
Study Finds 1 in 10 Aussies Unprepared for Financial Challenges Study Finds 1 in 10 Aussies Unprepared for Financial Challenges
11 Nov 2023: .financialservicesonline.com.au

A recent study conducted by MLC reveals that while most Australians recognize the importance of superannuation in achieving financial independence, a significant portion of the population feels ill-prepared to overcome unexpected financial hurdles. The study, called the Financial Freedom study, shows that although many Aussies are actively working towards improving their financial wellbeing, additional assistance is needed to achieve financial objectives and adequately plan for retirement. - read more
Understanding the Recent RBA Interest Rate Hike Understanding the Recent RBA Interest Rate Hike
08 Nov 2023: .financialservicesonline.com.au

Yesterday, the Reserve Bank of Australia (RBA) made the decision to increase interest rates once again. This move comes as inflation in Australia remains stubbornly high and more persistent than anticipated. While there has been some improvement in goods price inflation, the prices of various services continue to rise rapidly. - read more


Finance Articles

3 Simple, Effective Tips For DIY Debt Settlement 3 Simple, Effective Tips For DIY Debt Settlement
Here we share 3 simple tips to eliminate your debt problems... so you can move on with life without the constant financial stress of dealing with creditors and collection agencies. To get out of debt, though, you do need to put in a little effort, and that's where understanding the process comes in. - read more
Understanding and Improving Your Credit Score: A Guide for Australian Consumers Understanding and Improving Your Credit Score: A Guide for Australian Consumers
Your credit score is a crucial factor that lenders use to determine your creditworthiness and your ability to repay loans and credit card debts. It is a numerical representation of your credit history, and it ranges from 0 to 1,000. The higher your credit score, the more likely you are to be approved for a loan or credit card, and to be offered lower interest rates. - read more
The Four Golden Rules Of Personal Finance The Four Golden Rules Of Personal Finance
As long as you're alive, you are a player on the field of the 'money game'... and you'll need to know the basic rules before you get tagged by the more experienced players! - read more
Five Worst Credit Card Mistakes Five Worst Credit Card Mistakes
Credit cards can be an excellent way to manage your finances ... they can even be an investment tool. However your credit card can quickly become your enemy if not used correctly. Here are five of the worst mistakes most credit card holders make. If you can avoid these mistakes, you will benefit greatly. - read more
How Credit Card Balance Transfers Can Damage Your Credit Rating How Credit Card Balance Transfers Can Damage Your Credit Rating
Since the banks and finance providers have been castigated for the way they seemingly indiscriminately awarded credit to people who could ill afford it, the chances of being accepted for loans and credit cards have decreased. Concurrently, there is a greater focus on individual's being aware of how credit works and what their financial behaviors means in terms of a credit score and history. - read more
Co-Signing Loans - Risky Business Co-Signing Loans - Risky Business
There may come a time in your life when you are asked to co-sign for a loan or credit card. If this is the case, there are several things to consider before making a final decision. Technically, you are putting yourself at risk of damaging your own credit in the event that the loan goes unpaid. - read more
Handling Financial Situations As a Married, Unmarried Or Divorced Woman Handling Financial Situations As a Married, Unmarried Or Divorced Woman
Whether you are in a committed relationship or are a happy single person, you should make it a top priority to understand your finances. This article will highlight some of the key points that you need to understand to take control of your finances and your financial goals. - read more
Master the Art of Savvy Shopping: How Australian Consumers Prioritize Quality and Value in Today's Market Master the Art of Savvy Shopping: How Australian Consumers Prioritize Quality and Value in Today's Market
As prices continue to soar and interest rates climb, Australian consumers are showing their savvy shopping skills. According to a recent survey conducted by Criteo, titled ‘The Rise of Savvy Shoppers Study’, consumers are prioritizing essential purchases such as fuel, groceries, energy bills, and rent/mortgage payments in the last six months. - read more
Credit Cards: Identity Theft and Credit Protection Credit Cards: Identity Theft and Credit Protection
Credit card fraud and identity theft have become widespread not only on the Internet but offline as well. Learn how to avoid these risks and protect your identity as well as your finances or credit line. - read more
Good Debt Versus Bad Debt Good Debt Versus Bad Debt
Some people see debt as a curse. Others see it as a friend. Debt can make you miserable, or it can be used to make you wealthy beyond your wildest dreams. The trouble is, how do we know what is good and what is bad? - read more


Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
Loan Amount:
Postcode:
All finance quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Debt Consolidation:
Taking advantage of lower interest rates that may be available by the grouping of multiple loans into one, lower interest rate loan.