Can astute financial planning, such as an AMP Super Fund, help quell fears of Australian men worried about their retirement?
Recently, The Digital Edge conducted an exclusive survey for News Corp Australia, entitled, “Men and Money.” 1,000 men from various parts of Australia were surveyed on the impact of financial difficulty on their lives. The survey participants were from diverse backgrounds, but there were many commonalities in their answers, much to the surprise of those conducting the survey.
The biggest takeaway: one out of three men said they had difficulty living on their current incomes. In South Australia, that number jumped to 49%. More than 50% of those who responded feel that they are under “financial stress” 365 days a year. Lack of savings, current expenses and the spectre of future expenses were most often cited as the sources for stress.
Close to 70% of the men surveyed said that financial stress had led to problems with their health or relationships at least once in their lives. Loss of family, depression, drinking, heart problems and even thoughts of suicide were among the most common complaints.
One common theme was that those men who allowed themselves to be interviewed on the record said that they were more likely to keep their worries to themselves as opposed to burdening their spouses.