Time to start working smarter and investing harder, Gold Coast Generation Ys and Xs!
New research from Griffith University shows that, in 26 years, we’ll need more than $2.06 million if we want to retire comfortably – a goal that is out of reach for more than 80 per cent of us. And, if Australia’s inflation rate continues at its current rate of 5.07%, it could be unachievable for more than 9/10 (94%) of us.
Marcus Field, Managing Director of No More Practice Education, described the research as a wake up call.
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“It’s clear that we must take real ownership for our financial futures and do it now,” he said.
Mr Field described it as “a very real possibility” that Australia needs to be prepared for, and pointed to countries like Japan who are seeing a similar situation.
The leader of the research, Professor Mark Brimble said: “Getting people educated on how to invest…money for the long term is vital to all of our futures.”
“While it could result in a financial reckoning, increasing the financial capability of working Australians may lead to a much more positive result: reinvention for the better.”
More results from the research can be seen in the report “Reinvention is the new Retirement“.