Millions of Aussies have not consulted any source of information about their retirement, and it could have major consequences for their golden years. New research has found even small tweaks to superannuation could mean tens of thousands of dollars more in retirement.
New ASFA research shared with Yahoo Finance found only half of Aussies aged over 18 had consulted any source of information about retirement. While that number rises with age, it doesn’t increase by much, meaning a huge number approaching retirement are making decisions in the dark.
Young Aussies aged 18 to 34 were 10 times more likely than those aged over 65 to consult with social media for retirement information. That’s despite social media ranking as the least trusted source of retirement information for all age groups.
The most trusted sources were financial advisers, advisers provided by super funds, and industry benchmarks.
ASFA CEO Mary Delahunty said the findings indicated advice was not reaching those who needed it and the problem was one of access, rather than trust.
“Australians know which sources of retirement information they can rely on. The problem is that the sources they trust most are often the hardest for them to reach,” she said.
“Barriers like the cost of accessing an adviser outside of super, and limitations on the scope of advice that can be provided by super fund advisers, really get in the way of people getting the trustworthy information they need.”
Huge difference to retirement outcomes
ASFA found there can be a major cost to not getting advice, with the benefits potentially greater for younger Aussies who have more time to accumulate their super savings.
For example, when it comes to choosing the optimal investment strategy, the impact of even small differences in average annual returns can be significant.
For a 30-year-old on average wages, an extra 0.25 percentage point in annual investment returns could mean around $40,000 more at retirement, ASFA found.
For a 50-year-old, the same difference would be worth about $7,000.
Financial adviser numbers plummet
The number of licensed financial advisers has dropped by around 40 per cent compared to a decade ago, as many exited the industry following the introduction of new mandatory education standards post the Banking Royal Commission.
Adviser Ratings showed a net loss of 391 advisers in the 12 months to January 1, 2026, with the total pool of advisers now sitting at 15,084.
Median advice fees have consistently increased, rising 93 per cent since 2019 from $2,510 up to $4,837 in 2026.
The government is currently reforming financial adviser education requirements to streamline entry into the industry, while still requiring advisers to hold a bachelor’s degree or higher and meet minimum study requirements.
ASFA is calling for advice reforms to be progressed, which would let super funds provide more advice, including targeted prompts to members at key moments, expanding low-cost but collectively charged advice, and introducing a new class of advisers.
Source: Yahoo
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