Seniors lack confidence in the financial industry
As a result of age pension changes, growing life expectancies and the longevity gap and a range of other external forces, the prospect of a comfortable, secure retirement is becoming harder and harder for many senior Australians to envision. And a recent report has suggested the financial industry isn’t doing anyone any favours.
Senior Australians Equity Release (SEQUAL) has produced research highlighting the financial dilemma that now faces many Australian seniors, and suggested that products need to do more to win the trust of senior consumers around the country.
SEQUAL Chairman Peter Szabo says, “When a senior Australian reaches this point and faces the often deeply emotional decision to utilise the family home to access equity to enable them to live beyond their savings and superannuation, they are owed the very highest duty of care by financial service product providers and the financial service sector in general.”
But the problem is in many cases, this is not being offered.
Szabo continues, “The industry must unite, come together and collectively raise awareness of the very real challenges and impact of the longevity funding gap that seniors are confronting.
“It must develop modern, safe and secure financial solutions for seniors including appropriate regulatory safeguards thereby facilitating new sources of capital.”
While on the surface the prognosis for senior financial security seems somewhat dire, there are corners of the industry that are responding to calls for more transparency.
Equip for example, has recently been ranked 2nd in Australia for superannuation transparency, affording members a new level of confidence in investments.
According to a new report published by Global Reviews, Equip’s strong performance was due to, “Strong positive score [is based on] the inclusion of contextual FAQS / a link to FAQs relevant to account fees, in addition to contextual contact details relevant to account fees.”
Are you confident in the financial sector? Or are you concerned about the state of your finances? Share your thoughts in the comments section below.
Equip manages $7 billion of investments for members working across a wide range of Australian industry sectors. This superannuation fund has been providing strong investment performance and has been a reliable provider of retirement benefits for over 80 years.
This article is for general information only. You should seek formal financial advice on your specific circumstances.
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