A steady income stream is essential if older Australians hope to enjoy a comfortable retirement. And a degree of financial literacy – or acceptance that help is required – is pivotal in achieving that goal.
YourLifeChoices’ Retirement Affordability Index™ for the March quarter keeps our 250,000 members up to date on all aspects of retirement income, but this edition focuses specifically on financial literacy.
It builds on a survey of financial literacy – conducted in February-March – which attracted more than 5000 responses in just three weeks.
In this edition we explore:
• The effects of the rising cost-of-living over the past 12 months, on YourLifeChoices’ six retirement tribes. Senior economist with The Australia Institute, Matt Grudnoff pinpoints the four critical areas of expenditure that affected each tribe the most.
• The downsizing option nominated by a surprising 39 per cent of survey respondents as their ‘get-out-of-jail card’ if they needed extra funds in retirement. What is downsizing and how does it work? Kaye Fallick explains.
• The plans and policies you find most difficult to understand. Mobile phone and energy plans were tough but health insurance was the biggest worry. Olga Galacho demystifies these complex issues.
• Why an overwhelming percentage of our survey respondents claim to be competent financial managers. A financial planner suggests how financial advisers can help.
Plus, we present the weekly, monthly and annual costs in key categories of expenditure across all retirement tribes for the December quarter and a budget planner for members to keep track of their household costs and benchmark their spending.