Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Australians undecided on selling family home to fund retirement

A new report by MLC has found that only 11 per cent of Australians plan to sell the family home to fund retirement.

Almost half of Australians are undecided on whether they will have to sell the family home to fund their retirement, according to the latest MLC Wealth Sentiment Survey.

Australians also expect to cut spending on their children, home and entertainment in retirement and direct the savings into meeting healthcare and medical costs.

In net balance terms, 23 per cent of Australians expect to cut back spending on their children in retirement, while 30 per cent expect to spend less on major household items, followed by home improvements.

By comparison, most respondents expect their health spending will rise and to a lesser extent, other essentials such as utility bills and insurance.

Advertisement
Advertisement

Australians are also more willing to cut back on entertainment and dining-out costs once retired, but less likely to reduce spending on travel, groceries and their superannuation and investments.

While more than half of those surveyed believe they won’t have enough, or far from enough to retire, the overall level of concern about financial sufficiency in retirement fell for the September quarter.

This is despite little change in conservative investor behaviour.

“Australians are looking to rely on the family home to help fund their retirement and cut back spending on their children and home to make their savings last,” NAB Wealth group executive Andrew Hagger said.

“With a trillion-dollar retirement savings gap and ageing population, we want Australians to start planning and investing for their retirement now so they can achieve their goals in the future,” Mr Hagger said.

“While the level of concern about financial sufficiency in retirement fell this quarter, half of all Australians still aren’t confident they will have enough to fund their retirement and around one in six are not investing at all,” he said.

 

 

Australians undecided on selling family home to fund retirement
mortgagebusiness

Latest News

Home loans commitments took a positive turn in May following a fall in April, new data reveals. ...

Economists from three of the big four banks expect the Reserve Bank will hand down a similar cash rate hike of 50 bps today (5 July). ...

The banking group has confirmed it will be closing branches under the Westpac, Bank of Melbourne or St.George brands in more than 20 locatio...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.