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Older Australians lack understanding about retirement finances

Australians are living longer and spending more in later years, but are "financially illiterate" when it comes to retirement, according to research.

Published: 22 April 2024
  • national
  • 22 April 2024
  • SBS News

Older Australians’ lack of forward planning and understanding of finances for retirement leave them vulnerable to financial challenges and even abuse in later life.

The superannuation and pension systems exist to set up and support Australians through retirement, but many people are unaware of how much super they need, whether they are eligible for a pension, or how to plan for their future.