Anti-retirement groups condemn future Australian retirees to reliance on a welfare state

In a report on Australians’ retirement aspirations the Grattan Institute has told Australians to lower their retirement expectations.

Responding to the anti-retirement group’s argument, ASFA CEO Dr Martin Fahy said “Grattan want a welfare state where 70-80 per cent of Australians will be relying on a government funded age pension, public health system and a benevolent age care system. They are offering Australians a bleak retirement where they are older and sicker for longer, when we know people want to be younger and healthier for longer.

“This vision of retirement is one where everyone over the age of 75 sits at home watching daytime tv, waiting for a public hospital bed. We know that these outdated characterisations of retirement are at odds with what people want. People are active and motivated in retirement and they want to have choices. They don’t want their grandparents’ retirement.

“The development of retirement policy needs to recognise and support the changing landscape where more and more Australians are working longer, living longer, and staying active longer.”

“A Jansenite model of retirement where the few are destined for a dignified retirement and the working classes are condemned to the Age Pension has no place in modern Australia,” concluded Dr Fahy.

ASFA recent policy research and submissions

ASFA contributes to the development of good public policy and industry best practice through our policy and advocacy work. Following are some of the recent submissions to The Treasury:

  • ASFA response to consultation on Royal Commission Recommendations 1.6, 2.7, 2.8, 2.9 & 7.2 – Strengthening Breach Reporting
     Full submission
  • ASFA response to consultation on Royal Commission Recommendation 1.15 – Enforceability of financial services industry codes
     Full submission
  • ASFA response to consulation on Royal Commission Recommendation 3.1 – Trustees of Registrable Superannuation Entities (RSE) should hold no other role or office
     Full submission
  • ASFA response to consulation on Royal Commission Recommendations 2.1, 3.2 & 3.3 – Advice fees in superannuation
     Full submission
  • ASFA response to consultation on Royal Commission Recommendation 3.4 – No hawking of financial products
     Full submission
  • ASFA response to consultation on the Royal Commission recommendations to strengthen regulators
     Full submission
  • ASFA response to consultation on Royal Commission Recommendations 3.8, 6.3, 6.4 and 6.5 – Superannuation regulator roles
     Full submission
  • ASFA response to consultation on Royal Commission Recommendation 6.4 – Financial Regulator Oversight Authority
     Full submission
  • ASFA response to the additional commitment in response to Royal Commission recommendation 7.2 – ASIC directions power
     Full submission
  • ASFA response to consultation on the Financial Accountability Regime (FAR)
     Full submission
  • ASFA response to Discussion Paper: Implementing Royal Commission Recommendation 7.1 – Establishing a Compensation Scheme of Last Resort
     Full submission
  • Submission to the Retirement Income Review Secretariat
    Retirement Income Review: Consultation Paper
     Full submission

Coronavirus (COVID-19) Overview – World Health Organisation (WHO)

#COVID19 is an infectious disease caused by a new #coronavirus introduced to humans for the first time. It is spread from person to person mainly through the droplets produced when an infected person speaks, coughs or sneezes.

The message is to wash hands regularly with soap and keep hands away you’re your face.

Watch this short animation to learn more about COVID-19 and how to protect yourself against it.

Working together to reduce financial stress

MyState Bank research says Australian couples need to work together on their finances to reduce stress.

Money is driving conflict, secrets and stress among Australian couples, according to new research from MyState Bank, which is urging all Australian couples to devote more time to working together on their finances.

The Love and Money Survey was commissioned by MyState Bank and surveyed over 1000 people in a relationship. While 62 per cent of respondents say they discuss their finances with their partner at least monthly, 8 per cent of respondents have never discussed their finances with their partner.

The survey also found:

  • 13 per cent of people have a secret savings account
  • 25 per cent of people have separate accounts and don’t share expenses
  • 26 per cent of partners make all the financial decisions in the household

Commenting on the findings, Heather McGovern, MyState general manager of digital and marketing said: “If you and your partner find yourselves fighting about money, you’re certainly not alone.”

The MyState Bank survey revealed that most couples (55 per cent) experience conflict and stress at least once a year and 19 per cent of couples experience conflict and stress with their partner on a monthly basis.