Is Social Media more Important than your Financial Future?

According to marketing firm ExactTarget, online Australians Spend 3.6 hours per day on social media. But how long do they spend thinking about what their retirement might hold? Nowhere near as long if the latest Superannuation Sentiment Index Study from Mercer is anything to go by.

I am particularly concerned with the finding that “two out of three Australians expect to run out of retirement savings by age 70”. That is a frightening statistic considering compulsory superannuation.

What is contributing to this? Here are some of my thoughts:

  • The “she’ll be right” attitude when it comes to money where too many people live day to day or paycheck to paycheck without thinking about the future
  • It’s just not a priority however the reality is the sooner you start to think about it the easier it is to plan for
  • Continually changing regulation has increased the cost of advice putting it out of reach for may Australians
  • Legislative changes to super have reduced the ability to make increased contributions for over 50’s as cashflow allows after paying off their home and raising a family
Mercer Superannuation Sentiment Index

Link to the study.

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