The new intra-fund advice offer comes as AMP’s Financial Wellness research shows that half of Australian workers have no plans in place to achieve their retirement goals. Most workers feel in the dark about how much income they will have or need in retirement and, according to the research, it’s women who are most anxious about their retirement.
The retirement heath check is a phone-based, simple, fast advice conversation available to members of AMP’s Super Directions Fund at no additional cost. It forms part of AMP’s Simple Super Advice suite of offers for members, which also covers super contributions, insurance and investments.
The service, delivered by a team of Retirement Specialists, will help members to consider their retirement options, how much superannuation is enough, how long money needs to last and general age pension entitlements. Members walk away feeling more informed and confident about whether they’re on track for a comfortable retirement.
AMP’s General Manager, Workplace Super Engagement, Stephen Owen, said: “Our Financial Wellness research shows that Australians feel underprepared and concerned about retirement – 50 per cent don’t know how much money they’ll have or need to achieve their desired living standard in retirement.
“Retirement is a critical period in our lives and the retirement income system is complex so it’s crucial people get access to information, guidance and good advice.
“The new offer will help our members take more control of their retirement, in particular, the critical and sometimes complex transition from our working lives into retirement.
“This is especially important for women, with our research showing they are more likely to have higher levels of financial stress, are less likely to have retirement goals, and are more concerned about retirement.
“Encouragingly, people recognise the importance of planning for retirement, albeit are unsure where to begin. COVID-19 has also acted as a wake up call, with more Australians setting goals and planning for their futures.
“The challenge is turning this positive intent into action, which is where the health check comes in, arming members with important information about the changes they can make now, even small ones, that can amount to big benefits later in life.
“We also know that feeling more in control of financial and retirement planning provides peace of mind and supports day-to-day wellbeing for Australians,” Mr Owen said.
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About the research
AMP’s Financial Wellness research is conducted by The Behavioural Architects, a global insight, research and strategy consultancy, specialising in the application of behavioural science. Insights were collected from over 2,100 Australian employees and weighted to reflect Australia’s broader workforce, based on ABS data.