Youngsters more likely to invest, more optimistic - MLC wealth sentiment survey

MLC's Wealth Sentiment Survey for the first quarter of 2016 has revealed that young people are the most likely to invest in the next quarter. 

The survey respondents were over 2,000 Australians aged over 18. 

Key findings

  • About 42 per cent of 18-29-year-olds added to their savings in the past three months
  • Only 29 per cent of those aged 30-49 added to their savings
  • About 21 per cent of those over 50 added to their savings
  • Those in the 18-29 age group were also more likely than any other group to invest more in the next quarter
  • Younger people are optimistic
  • Older people are more conservative
  • Overall, two per cent more Australians added to their superannuation and paid down their debts than in the previous quarter
  • The retirement savings gap is still a major concern - many expect to retire on just over $450,000, down $50,000 from last quarter
  • Men expect to retire with $192,000 more than women
  • More are expecting to cut back their investments than add to them
  • In the past three months, a quarter of all Australians have added to their savings and deposits, with 20 per cent paying off debt
  • One in three women believe they will have 'far from enough' to retire on, compared to one in five men
  • Fifty-six per cent of women don't think they will have enough to retire on and live to their desired standard compared to 46 per cent of men
  • One in five expect to have less than $100,000 in savings at retirement
  • One in five also plan to keep working into their 70s
  • One in five youngsters expect to retire before age 60, compared to one in ten aged over 50
  • Forty-three per cent of men believe they are holding more super than their partners, with just 14 per cent of women saying they hold more than their partners
  • One in five don't know how much they will have in retirement