Up to one-third of Australians will not be home owners when they retire. Tis Australian dream-turned-nightmare will force super funds to profoundly re-think their strategies and communications with members.
REST Industry Super’s fndings on the vanishing Australian dream of home ownership, authored by Louise Southall of Te Right Research, shows that up to 33 per cent of 25-34 year olds will not own their homes when they retire. Tey face a long and poverty-stricken retirement if they have not treated their super like a mortgage and re-visited it frequently to see if they have the best allocations’ options as well as opting for salary-sacrifice.
An attitude shift is essential, said REST CEO, Damian Hill.
“With declining rates of home ownership, the time is right for Australians to make an attitude shift, to apply the same level of attention to their retirement nest- egg as they previously would have to purchasing a property.”