Wednesday, March 26, 2014

Australia: Superannuation Conference Hears about Research Findings on Involuntary Retirement and Gen Y Attitudes about Suuperannuation

The 2014 Conference of Major Superannuation Funds sponsored by the Australian Institute of Superannuation Trustees (AIST) heard from a number of presenters about the confluence of retirement and an aging workforce. Among other things, conferees heard that:
  • A more flexible approach to retirement may be needed to account for the significant minority of older Australians who are forced to leave the workforce early. According to a research report commissioned by AIST and prepared by the Australian Centre for Financial Studies (ACFS), up to 40% of older Australians could be classified as involuntary retirees. AIST CEO Tom "Garcia said more needed to be done to help older workers stay in the workforce longer so that they had a better chance of building their retirement savings before they reached old age. Equally, there needed to be recognition that those who retired early due to ill-health were often hit with additional health-related expenses that put pressure on their savings. See AIST media release, as well as presentation by Professor Deborah Ralston, Executive Director, ACFS, Professor of Finance, Monash University on "Involuntary Retirement: Characteristics and
    Implications"
  • Research commissioned by AIST suggests that many Gen Y’s have a realistic idea of how much money they need to retire, what the Age Pension will supplement and how they want to use their money at retirement time. However, they lack the knowledge and education to understand more. See AIST media release and presentation by Michelle Tustin, Research Director, Colmar Brunton, on "Gen Y: The Messaging Wars"
Source: Australian Institute of Superannuation Trustees CMSF2014 Presentations (March 2014)

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