For some time now, government subsidiaries such as the Australian Bureau of Statistics and The Productivity Commission have been releasing a stream of studies on “life expectancy”.
The verdicts are now out:
• For a baby born in 2012, the life expectancy is 94 years for a female and 92 years for a male.
• The population of people aged 75 years is expected to rise by 8% by 2060.
Basically, Australians will be living longer than the population average. For the Generation Z, this is a faraway situation. But for baby boomers, Generation X and Y, this is of impending urgency. The most compelling question looms above us all, “Can we really AFFORD to live that long?”
The Current Scenario: How The Situation Can Get Worse:
With the life expectancy increased, most retirees face the issue of running out of money at some point in their life. With expert professional advice, an effective investment portfolio, and your Self Managed Super Fund, you may be able to live a comfortable lifestyle. But unfortunately, there is another concern that threatens your financial wellbeing.
According to a report released by the National Seniors Productive Ageing Centre (The Role of Financial Literacy and Financial Adviser Anxiety in Older Australians’ Advice Seeking), people aged 50 and above have more financial awareness and knowledge, compared to the younger generation. However, even still, they face a sense of high anxiety and uncertainty in taking advice from a financial advisor.
This anxiety originates from a fear of sharing personal information or being judged by financial professionals. It is due to this reluctance to seek aged care finance solutions, that Australians have fallen prey to financial illiteracy and an impending financial disaster.
The Aging Australia: What Can Be Done?
In order to take measures for a sound financial life, it is essential that seniors seek finance advice from professionals. But how can this be accomplished with the anxiety levels high? How will Australia deal with this situation, and ultimately reduce the burden on the tax revenue?
For one, the government can promote campaigns that will educate people on financial responsibility. And furthermore, financial institutions should take measures to develop a sense of trust with clients to facilitate comfort and ease.
Peter Vickers Business Group takes pride in being one of those organizations that focuses on building a strong relationship with our clients to provide them with the best of services.
Come To Us For Professional Advice!
The Peter Vickers Business Group, founded in 1979 by Peter Vickers, provides a range of professional accounting and financial services to a diversified client-base in Australia and oversees. With their in-depth knowledge, skills and expertise they specialise in accounting, investment, insurance and superannuation.
Here is how you can get in touch with them:
02 9496 2300
1300 784 011
Suite 2, 345 Pacific Highway,
Lindfield, NSW 2070