The Bank’s Lifestyle Aspirations survey revealed that
the global market situation has led more than three quarters (77 per cent) of
respondents to make changes to better save for retirement. And of those, 56
per cent would seek the advice of a financial planner to help make decisions
easier.
The survey found that despite 60 per cent of Baby Boomers expecting
a better lifestyle than their parents and intending to live life to the full,
fewer people than those surveyed in 2006 were sure they would be able to afford
the lifestyle they desired.
Tim Gunning, General Manager Commonwealth Financial Planning,
said, "This generation is continuing to take an optimistic outlook toward
retirement despite the current economic conditions. With expectations and aspirations
high, many have reviewed their financial position and taken a more active role
in their retirement planning.
"Interestingly, as many as 38 per cent of respondents saw
retirement as an opportunity to pursue a new career or even learn new skills.
This trend suggests that many people see retirement as a series of transitions
where some form of work or community service can continue into the retirement
years," Mr Gunning said.
The 2007 changes to superannuation legislation have also led
many Australians to reconsider their retirement strategies with one in three
(33 per cent) revising or starting a new investment plan as a direct result
of last year’s reforms. More than 40 per cent of people responded that
they are more hands-on in their approach to superannuation, potentially cashing
in on the tax incentives offered with the reforms.
Of those people who did make a change to their savings schemes,
41 per cent found that using a financial planner made the process easier.
Almost half (49 per cent) of those surveyed intended to bolster
their savings by making additional contributions to their superannuation on
a regular basis and 27 per cent of respondents are looking to build their assets
in shares and other investments.
Taking control of their financial situation was an important
consideration for most respondents with more than half (53 per cent) planning
to continue working to supplement their retirement income.
"It is interesting to note that many people view retirement
very actively and see it as a series of phases. The old concept of a magical
day when working life ceases and retirement begins appears to be outdated as
people come to terms with their aspirations for retirement and their financial
reality," Mr Gunning said.
To help Australians achieve their retirement goals the Commonwealth
Bank has relaunched its Retire Ready book. Retire Ready was first published
in 2004 and is part of the Bank’s commitment to financial literacy. The
book includes up to date information about the superannuation reforms and provides
numerous investment tips and suggestions. Retire Ready is now available nationwide
at all Commonwealth Bank branches when you make an appointment with a Commonwealth
financial planner.
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