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ANZ focuses on retirement

ANZ focuses on retirement

(13 October 2009 – Australia) ANZ today announced it would progressively introduce retirement bankers at every ANZ branch nationally by mid 2010. The move is part of a stratergy to provide specialist banking to customers approaching or at retirement.

The bank decided to make the move after research into the needs of people 50 and over showed that 45 percent of those surveyed wanted their bank to play a larger part in helping them manage their retirement finances.

The survey also highlighted that 80 percent of those surveyed wanted to deal with someone in person when discussing their retirement finances and that the majority of those surveyed had not reviewed their accounts since opening them.

ANZ ran a pilot of the role along the eastern sea board and has now also introduced the retirement bankers at over 220 branches.

Louis Hawke, managing director, Retail and Distribution, ANZ, said that the bank believes less people are retiring in a traditional way. Today’s retirees have different priorities such as further education, travel, caring for grandchildren, starting businesses or working part-time.

According to the Australian Bureau of Statistics, today’s average life expectancy of 81 and average retirement age of 59 means that people have more than 20 years of retirement to fund, Mr Hawke added.

Mr Hawke also highlighted, that many people do not feel as prepared as they want to be for the reality of their retirement finances.

Retirement is not just about superannuation. Retirees also need to consider whether they need to restructure their banking so it makes sense for their changing lifestyles while still enabling them to achieve their financial goals, Mr Hawke concluded.
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