While an increasing number of Millennials are topping up their retirement nest eggs, 40 per cent of Australians have never used a financial planner and do not have a financial plan.
This was one of the findings of the latest MLC Wealth Sentiment Survey, which showed that 42 per cent of 18 – 29-year-olds added to their savings in the past three months, compared with 29 per cent of people aged 30 to 49, and 21 per cent of the over-50s.
Younger Aussies are also more likely than any other age group to invest more next quarter.
However, according to the quarterly survey of more than 2,000 Australians, more work is needed to ensure people grow and protect their financial future.
According to the MLC Wealth Sentiment Survey, on average, Australians expect to retire with just over $450,000, down from $501,000 last quarter, with men expecting to retire with $192,000 more than women, on average.
Almost one in three women believe they will have "far from enough" to retire on, compared with one in five men, while 56 per cent of women do not think they will have enough to retire on, compared with 46 per cent of men. One in five of us expect to have less than $100,000 in savings when we retire.
MLC's general manager for corporate super, Lara Bourguignon, believes the focus on building super and reducing debt is a positive sign.
"We can see that Australians are taking action to contribute more to their super to address their concerns about how much money they will retire with," she said.
"While we are moving in the right direction, it's also important for people to consider long-term investment options to help maximise their retirement savings.
"Our research found that over 40 per cent of Australians have never used a financial planner and don't have a financial plan, so there is more work to be done to ensure that Australians are adequately prepared for their later years," Ms Bourguignon said.
The survey includes results from MLC's Investment Intentions Index, which measures whether Australians are planning to invest more or less in the next three months.
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