Study Finds 1 in 10 Aussies Unprepared for Financial Challenges

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

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
Author: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

ASIC Calls for Improved Consumer Safeguards in Car Finance Sector

25 Mar 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that adversely affect consumers. This investigation was initiated in response to a surge in complaints regarding high costs associated with car financing. - read more

Australian Car Buyers Increasingly Postpone Finance Decisions

25 Mar 2026: Paige Estritori

Recent research indicates a growing trend among Australian car buyers to delay decisions regarding vehicle financing. A study conducted by carsales reveals that only 71% of buyers have determined their financing method before commencing their vehicle search, a decrease from 77% in previous years. - read more

Macquarie Transfers $1.5 Billion Car Loan Portfolio to Allied Credit

25 Mar 2026: Paige Estritori

In a significant development within the Australian financial sector, Macquarie Group's Banking and Financial Services division has agreed to sell a substantial portion of its car loan portfolio, valued at $1.5 billion, to Allied Credit. This transaction involves over 50,000 car loans and is expected to be finalized by the fourth quarter of 2025. - read more

ASIC's Findings Highlight Urgent Need for Reform in Car Finance Sector

09 Mar 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that adversely affect consumers. This investigation was initiated in response to a surge in complaints regarding high costs associated with car financing. - read more

CEFC and Hyundai Capital Australia Collaborate to Lower EV Loan Rates

09 Mar 2026: Paige Estritori

The Clean Energy Finance Corporation (CEFC) has announced a significant partnership with Hyundai Capital Australia (HCAU), committing up to $60 million to reduce the upfront costs associated with electric vehicle (EV) ownership. This initiative is designed to make EVs more accessible to Australian households and small businesses by offering discounted finance rates on eligible Hyundai and Kia electric models. - read more

Click for more Finance News