Survey reports inadequate retirement funds
US investment guru Robert Kiyosaki says that most Australians are ill-prepared for retirement and are “grossly underfunded”. He conducted an online survey of 3,000 Australians and found that 30 per cent of the respondents were not concerned about their financial futures and 23 per cent had no idea how much they would have in their superannuation funds on retirement. 30 per cent anticipated that they'd have less than $300,000 in their super funds, which would leave most people living below the poverty line.
Mr Kiyosaki, author of “Rich Dad, Poor Dad”, says that this “lackadaisical attitude” to personal finances is dangerous. People must wake up, he said, and realise that the Government is not going to look after them, their jobs are not secure for life, interest rates can go up overnight and the share market can crash.