Retirement looking ‘super’ for boomers
Australian baby boomers are less concerned about superannuation than expected. A recent ‘Great Australian Financial Dream’ report surveyed 1,300 Australians across Gen Y, Gen X and baby boomers and found home ownership ranked fifth on the boomers’ list of financial priorities.
Australian baby boomers are less concerned about superannuation than expected.
A recent ‘Great Australian Financial Dream’ report surveyed 1,300 Australians across Gen Y, Gen X and baby boomers and found home ownership ranked fifth on the boomers’ list of financial priorities.
Owning a house in the suburbs was considered less important than financial independence, winning the lottery, buying a new car and taking a family holiday.
According to Sunsuper’s general manager, Teifi Whatley, the results were surprising, but different demographics differed in their attitudes to wealth generation.
“For instance, Gen Y’s great financial dream is having a good job. They see this as their gateway to financial independence and achieving their other financial goals,” she told Money Management.
“Baby boomers, on the other hand, are squarely focused on building personal wealth and having enough on which to retire, with 52% viewing their superannuation as a way to help them achieve their financial independence.”
Surprised that retirement was not a “pressing issue” for many baby boomers who were approaching their ‘golden years’, Ms Whatley said, conversely, 41% of younger generations saw superannuation as a way to help them “achieve financial dreams”.
The survey also showed younger generations expressed less concern with short-term goals such as home or car ownership and found the biggest “stumbling block” all generations faced was the rising cost of living, despite many not willing to sacrifice their creature comforts to achieve financial independence.
Attitudes towards the source of their economic woes also differed, with baby boomers more likely to blame the GFC (global financial crisis), and Gen Y and Gen X most likely to point the finger to their bosses and poor salaries.
What are your thoughts on superannuation and retirement? Are you concerned? Let us know by leaving a comment in the box below.
