Only half of retirees happy with savings – survey

2011-08-03 11:45

Only half of retirees are satisfied with the provisions they had made for retirement, according to a survey released today.

53% of respondents said they had saved enough to comfortably continue their lifestyle upon retirement, according to the first acsis financial security barometer.

“This means 47% of people don’t have enough in retirement,” acsis CEO Andrew Bradley said at the release of the barometer in Joburg.

Of the 47%, 20% said they had not made provision for retirement and wished they had started earlier.

The other 27% said they had done as much as they could, but it was not enough to live on comfortably.

However, the survey of 400 people with a monthly household income of over R30 000 found that those used a financial planner were significantly more financially secure than those who did not.

44% of respondents who had a financial planner said they had a high level of financial security, and 21% said it was very high.

However, only 28% of respondents who did not have a financial planner rated their level of financial security high, and 12% as very high.

“This shows financial planning does lead to financial security,” said Bradley.

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