Baby boomers short of super
Australia’s baby boomers aren’t properly prepared for the financial demands of life beyond retirement, a new study has found.
A survey by Fujitsu Consulting shows less than 20% of the country’s 5.6 million 45 to 64-year-olds have adequate superannuation and private insurance cover to fund their healthcare in retirement.
Nearly 60% have no private health insurance, 69% regard superannuation as their main future source of income, and 15% don’t know how they will fund their future healthcare needs.
Fujitsu Consulting MD Martin North says the study shows baby boomers are ill-prepared for later life.
“As we analysed the results, our superannuation funds posted their worst-ever annual result, with national losses of approximately $60 billion,” Mr North said.
He says the survey shows many baby boomers will be looking to their families or the Government to cover their healthcare costs.
A survey by Fujitsu Consulting shows less than 20% of the country’s 5.6 million 45 to 64-year-olds have adequate superannuation and private insurance cover to fund their healthcare in retirement.
Nearly 60% have no private health insurance, 69% regard superannuation as their main future source of income, and 15% don’t know how they will fund their future healthcare needs.
Fujitsu Consulting MD Martin North says the study shows baby boomers are ill-prepared for later life.
“As we analysed the results, our superannuation funds posted their worst-ever annual result, with national losses of approximately $60 billion,” Mr North said.
He says the survey shows many baby boomers will be looking to their families or the Government to cover their healthcare costs.