2024 MLC Financial Freedom Report

Title: 2024 MLC Financial Freedom Report – Financial Wellbeing in Australia
Short description: The 2024 MLC Financial Freedom Report builds on our 2022/2023 research findings. It provides an updated view of how Australians are feeling about their finances. And shows different behaviours emerging from the current social and economic challenges.
Topics: mlc:Topics/news-and-updates
Time to read/watch: 5 min
Effective date: 2024-10-02 00:00
Feature Image: /content/dam/mlc/insights/images/Articles/2024/2024-mlc-financial-freedom-report/mlc-financial-freedom-report-2024.png
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We commissioned Social Research Agency McCrindle in February 2024 to explore financial wellbeing and what it means to Australians. The Report brings together insights from 2,507 Australians across different ages, genders, and locations. We also refreshed our Financial Freedom Index. This measures how Australians rank themselves when it comes to financial freedom and shows how prepared they are to achieve financial independence and their dreams.

Download a full copy of the 2024 Financial Freedom Report.

What does financial freedom mean to Australians?

The needs and wants of Australians are changing. Particularly in light of the current economic climate with high inflation and challenges with the cost of living and housing.

MLC’s 2024 Financial Freedom Report uncovers what the dream lifestyle is for Australians across different life stages and what they’re doing to achieve this, as well as what is standing in the way.

Download a copy of the key themes from the report 2024 Financial Freedom infographic.

How are Australians building financial confidence and working towards their financial freedom?

There are some small but effective moves you can make today to build your financial confidence:

We want to open up conversations about money and help Australians develop healthy financial habits so they can work towards their dream lifestyle. We have a range of useful resources that can help you build financial confidence, grow your super and plan your retirement.

Resources to help you build financial confidence

Tools and calculators

A range of calculators designed to help you grow your super and plan your retirement

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Super and retirement rules

We break down the key rules you need to know about retirement and growing your super

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Speak to a Financial Coach

If you’re an MLC Member, speak to a Financial Coach about your super - at no extra cost

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Join MLC

We’re focused on helping you grow your super and build financial confidence - so you can have the freedom to enjoy retirement. Join the MLC Super Fund today, an award-winning* fund with strong performance^.

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Want to see how your super is tracking? Log in to your MLC Online account today.

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Important information and disclaimer

*Awards are only one factor to take into account when choosing a super fund for more details on MLC Super Fund’s awards visit mlc.com.au/awards

^ SuperRatings Fund Crediting Rate Survey as at 30 June 2024. The majority of funds invested in the MLC Super Fund outperformed the median returns of the respective investment options surveyed over 3 and 5 years. Returns are calculated net of investment fees, tax and implicit asset-based administration fees. Explicit fees such as fixed dollar administration fees, exit fees, contribution fees and switching fees are excluded. Past performance is not a reliable indicator of future performance. Ratings are only one factor to be taken into account when choosing a super fund.

This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at August 2024 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.