Changing expectations and opportunities mean Australians now aren’t entering adulthood until they’re 28.
Changing expectations and opportunities mean Australians now aren’t entering adulthood until they’re 28, and they’re not becoming truly old until they hit 77, prompting savers to rethink their goals for their golden years, new research has found.
The adolescence stage has grown because of the expansion in knowledge-based jobs requiring a degree, in turn pushing back – or neutralising – other traditional milestones such as marriage, Mr Salt said. “People still want [home ownership], but that 10 per cent gives people freedom to make other choices – to put money into superannuation, to build up a nest egg and to respond to unforeseen circumstances,” he said.
“The whole idea of retirement planning was not an issue because you died before you actually qualified for the age pension at 65. So, we’re dealing with new concepts that are moving – there is no frame of reference that goes back 50 years.” The report follows the release of the Levy review into the quality of financial advice in Australia. The review,, seeks to overhaul a decade of regulation to deliver more affordable financial advice.
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