A survey of over 3000 YourLifeChoices members shows that falling share markets have triggered a rethink about retirement savings.
Based on the first five months of 2020, this year will be unlike any other. While the immediate impacts of the Coronavirus pandemic have been felt by many, the secondary effects of falling world share markets and financial uncertainty have weighed on the minds of respondents to this year’s survey.
The 2020 edition of the survey was conducted during April and provides a unique insight into the thoughts, concerns, and hopes of retirees across Australia. The resilience of retirees is evident, and it’s encouraging to see that they are still feeling confident about their futures, albeit cautiously.
This year’s survey focused on three key areas:
- the impact of share market falls on savings;
- where financial advice is sought (and most valued); and
- whether retirees have fallen into any common income planning traps such as over-confidence or aversion to loss.
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