In one of the largest comprehensive surveys of older Australians, more than three quarters were aware about the risks of increasing longevity, being both aware and planning for the possibility of living longer.
The clear majority of people said they used a financial adviser to get advice and information about retirement. The research found that 6 out of 10 seniors now seek professional financial advice.
The most common sources of financial information about retirement were: financial advisers (59%), superannuation funds (42%) and Centrelink and government offices (40%).
Only 19% of older Australians turn to banks and contrary to popular belief, family and friends were not highly rated as a source of financial information, scoring only 14%.
The survey also revealed that almost half of senior Australians (49%) have made financial plans, while 47% have made plans for health and medical expenses. The National Seniors Australia report, 'Seniors more savvy about retirement income', is based on a survey commissioned by Challenger on the preferences and spending patterns of older Australians.