MLC has launched a pioneering campaign urging Australians to preserve their retirement while retaining the choice of working into old age.
The catalyst for the ‘Let’s Save Retirement‘ campaign is the country’s estimated $1 trillion retirement savings gap1 combined with the fact that Australians are living longer.
The result is that planned, or hoped for, retirements are being postponed and people are unexpectedly working far beyond the age they had envisaged.
With ongoing medical advances and improved quality of life, the trend will only continue and already around half of Australian retirees expect to live beyond 86.
“This is a national issue and we’re committed to being the champions of retirement and activists of change,” said NAB Wealth Group Executive Andrew Hagger.
The campaign is spearheaded by what is believed to be a world-first, interactive exhibit at the Australian Museum – a life-sized diorama dramatising that retirement could become a thing of the past and retirees an endangered species.
Next week, a major national advertising campaign will continue the call to save retirement across TV, print, outdoor and online channels.
“We know that the issue of having enough money to retire is on the minds of most Australians and many are not doing enough about planning for their retirement. Currently 81% of retirees fully or partially rely on the aged pension2, and two thirds of Australians will outlive their super by 70 years of age,” Mr Hagger said.
The average super balance for men and women aged between 60 – 64 is currently $155,400 while today’s retirees require at least $430,000 per person.2
“We encourage people to look at their superannuation like any other savings account – it’s real money and simple changes today can make a major difference later,” he added.
The ‘Let’s Save Retirement‘ campaign encourages everyone to take action now and seek financial advice to help them grow, maximise and protect their retirement savings including super.
“Retirement needs preservation – every Australian deserves to retire in comfort after working hard,” Mr Hagger said.
The campaign was created by NAB Wealth and multi-award-winning agency Clemenger BBDO Melbourne. The interactive diorama at the Australian Museum will be open to the public until Saturday 22 March. On 24 March, another live exhibit will be revealed at Melbourne’s Southern Cross Station.
The campaign links the MLC and NAB brands together for the first time.
1 The Financial Services Council Longevity Savings Gap Report, Rice Warner September 2012.
2 ASFA Retirement Standard December 2013.