New research shows Australian retirees are not only making financial decisions without professional advice, but in many cases also without the input of their life partners.
According to the latest research of global asset manager Franklin Templeton, just 24% of Australian retirees work with a financial adviser, despite almost half believing an adviser would be important an important asset to have on their side.
Comparatively, 57% of retired Canadians and 47% of retired Americans use professional advice to help plan for and generate income during their retirement.
Perhaps more startling though, the research found just 54% of Australian retirees with a spouse or partner coordinate their retirement planning with their partner before retiring, with Australia again ranked the lowest of its global peers.
Franklin Templeton head of retail in Australia, Manuel Damianakis said going it alone could prove costly for Australian retirees, and warned against 'setting and forgetting' given the uncertain economic environment.
"81% of those retired have never developed a written retirement income plan and only 43% told us they have a strategy to generate income for retirement that could last 30 years or more," Damianakis said.
"Given ongoing market volatility and protracted low interest rates, it would be unwise for retirees to adopt a set and forget approach to their savings and investments and this is often where those working without professional advice become unstuck.
"As an industry and as a society, we need to navigate a better path where all retirees can access professional advice and still feel they have sufficient self-management and control."