Page 27 - How Australia Retires

Retirement confidence
44%
Net Advised: Extremely/Very Confident
Net Non-advised: Extremely/Very Confident
25%
7%
13%
18%
31%
38%
38%
20%
12%
17%
7%
26 Vanguard | How Australia Retires Advised Non-advised
Extremely confident Positive significant diƒerence
compared to the total
Very confident
Moderately confident Negative significant diƒerence
compared to the total
Slightly confident
Australians who have received
Not at all confident
professional advice are also twice Figure 9. Impact of professional advice on financial preparation and
as likely to have a clearer, more detailed planning
detailed retirement plan, and are Retirement confidence
twice as likely to feel confident Net Advised: Has an exact plan with all details/ 51%
that they will be able to fund their has a good idea with most detail
retirement lifestyle. Net Non-advised: Has an exact plan with all details/ 26%
has a good idea with most detail
Conversely, Australians who do
not seek professional advice or
seek only the assistance of family
and friends tend to have less 18% 10%
comprehensive retirement plans.
16%
Working-age Australians who 33%
have developed their own 24%
financial plan are relatively likely
to have prioritised budgeting
and regular savings, while those 23%
with a financial plan from an 28%
adviser are more likely to prioritise
superannuation contributions. 13%
Contributing regularly to 27%
superannuation is a key trait of 8%
those on the High Confidence Advised Non-advised
Journey, whereas the majority of
Australians on the Low Confidence Extremely confident Positive significant diƒerence
Journey, particularly those in the Very confident compared to the total
Passives and Late in the Game
segments, typically do not do so. Moderately confident Negative significant diƒerence
compared to the total
Slightly confident
Further, those who have a more
detailed plan have typically taken Not at all confident
more purposeful action to prepare
for retirement, particularly in Q. Do you have a clear plan (either formal or informal) for how you’ll financially
debt management and budgeting prepare to reach the retirement lifestyle you want? Base Advised n=643, Non-Advised
while also making additional n=1179
superannuation contributions and Note: Percentages within a metric may not add up to 100 due to rounding.
investing in securities and property.