Many people struggle to keep on top of their personal finances, but one trend in particular could leave Australians “poorer” as they head towards old age. Research has shown almost half of Australians have never sought advice about retirement, according to the Association of Superannuation Funds of Australia (ASFA), with the trend “worrying” experts. WATCH THE VIDEO ABOVE: How to find your unclaimed super.
Know the news with the 7NEWS app: Download today “Many Australians face challenges keeping on top of their personal finances,” ASFA CEO Mary Delahunty told 7NEWS.com.au.
“Being time poor and needing to consider complex financial information makes it difficult for people to engage with their overall financial situation, not only their super, but also other key financial decisions around mortgages, credit cards or insurance.” Delahunty said ASFA’s research showing only half of all Australians sought advice on retirement was “worrying”. “With so many options for investments, fees, and insurance within super, it can feel overwhelming.
“This is especially true for younger Australians who often think they have plenty of time to figure it out later.” Other studies also show millions of Australians are failing to monitor the performance of their superannuation, with only one in 10 people aware of how their super fund performed over the past 12 months, according to financial comparison site Finder. Personal finance expert Sarah Megginson said people neede.
