Our retirement in their hands: a user perspective

Superannuation has become a key policy issue for the Australian government as the population continues to age at an increasing rate. Government policy has focussed on shifting the major financial burden retirement back on individuals with legislation and schemes aimed at encouraging self-funded retirement. The Financial Services Reform Act 2001 is the most recent legislative reform to affect the booming superannuation industry, with the objective of enhancing consumer confidence in the financial services markets, thereby increasing reliance on financial advisors and boosting superannuation savings. This paper reports on the results of a survey which demonstrate that despite government initiatives, most retirees continue to feel either dissatisfied with, or lack confidence in, the services provided by their financial advisors.