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Mortgage-obsessed Aussies could be left without enough money in retirement; Generation X is too focused on paying off their home loans
Topic Started: 3 Nov 2014, 07:49 PM (417 Views)
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Why mortgage-obsessed Aussies could be left without enough money in retirement

November 03, 2014 11:35AM

GENERATION X is too focused on paying off their home loans, which could impact them come retirement, experts warn.

Shaving down property debt is the number one priority for Australians aged 35-49, new research released by REST Industry Super today shows.

But that diligent focus on reducing mortgage balances could impact life after work, some experts believe.

About 71 per cent say paying off the home loan is the number one priority and only one in three say long-term savings is their top financial goal.

Reserve Bank of Australia figures show Australians are an average of more than two years ahead on their mortgage repayments as they take advantage of historically-low interest rates.

REST Industry Super’s chief executive officer Damian Hill said while culling home loan debt was a good financial plan of attack, many would end up relying solely on compulsory employer contributions which currently sit at 9.5 per cent and would rise to 12 per cent by 2025.

Consumer finance expert Lisa Montgomery said splitting a financial plan of attack between paying off a mortgage and tipping money into super was a good idea.

The research also showed 30 per cent of generation X women have no savings at the end of the month compared to just 23 per cent of men.

Read more: http://www.news.com.au/finance/superannuation/why-mortgageobsessed-aussies-could-be-left-without-enough-money-in-retirement/story-e6frfmdi-1227110018141
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