Latest news with #ChantWest
Yahoo
07-05-2025
- Business
- Yahoo
Superannuation warning as vulnerable Aussies hit with rogue calls after $50,000 disaster: 'Preyed upon'
CPA Australia superannuation lead Richard Webb (left) said Aussies are getting unsolicited calls after the US tariffs wreaked havoc on accounts across the country, like for Peter Jarratt, who lost $50,000 almost overnight. (Source Supplied) Australians are being urged to be wary of unsolicited phone calls about their superannuation. Thousands of people across the country have had their nest eggs affected by Donald Trump's tariffs and the global uncertainty around them. A poll of more than 8,200 Yahoo Finance readers found 72 per cent were scared about the health of their superannuation. Brisbane worker Peter Jarratt told Yahoo Finance he saw $50,000 vanish "overnight" from his super and investments, with the 69-year-old nervous he'll have to delay his retirement as a result. That has provided the perfect breeding ground for rogue phone calls, where Aussies are "preyed upon" and promised big super boosts to combat the effects of the tariffs. RELATED Don't believe the superannuation promises Financial institution CPA Australia wants Aussies to take the advice with a grain of salt. 'There's a high chance you'll be getting unlicensed financial advice, or these calls could be designed to steal your personal information – or even your superannuation savings,' Richard Webb, CPA Australia's superannuation lead, said. 'Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.' Do you have a super or retirement story? Email CPA Australia has revealed the signs to be aware of for these dodgy phone calls: The call comes from a withheld number or another suspicious-looking number The caller is vague or attempts to skim over where they are calling from, such as using an acronym They ask 'have you heard about this' to gauge your level of knowledge about the issue at hand They create a sense of urgency and try to convince you that you need to act quickly and quote statistics or other 'evidence' Similarly, if you get a text message out of the blue with the same type of message, don't click on any links provided. This could open up a gateway to your personal information being stolen. How much have Australians lost thanks to the tariffs? Superannuation consultant firm Chant West revealed last month that the median super balanced option fell 1.9 per cent in March and was projected to fall a further 2 per cent in April. A balanced option is one where 61 to 80 per cent of the money is invested in shares.
Daily Mail
30-04-2025
- Business
- Daily Mail
Aussie wakes up to find $50,000 missing from his super: 'No end to the madness'
An Aussie battler fears he will have to delay his retirement after waking up to find $50,000 gone from his super and investments because of Donald Trump 's tariffs. Brisbane man Peter Jarratt, 69, was all set to retire from his automotive job at the end of 2025, but now seriously doubts will be able to do so. Trump's reciprocal tariffs, which are on a 90-day pause, have caused stock market panic around the world. Mr Jarratt told Yahoo his savings took an enormous hit when the tariffs were first announced at the start of the month. 'I saw close to $50,000 vanish almost overnight from super and investments,' he said. 'Thanks to Trump, I'm facing another year of work to replace what has been lost.' Mr Jarratt, who has been a fleet manager for 15 years, was keen to finish up in December. He said his investments and super have recovered about 50 per cent from their initial fall, but he was worried they wouldn't return completely by the end of the year. 'It just seems to be so volatile and there's no end to the madness,' he said. The 69-year-old said his retirement plans were likely to be set back by another six months at the very least. Superannuation consultant firm Chant West revealed the median super balanced option in Australia fell 1.9 per cent in March and was set to drop a further two per cent in April. It means the average Aussie who is about to retire could be doing so with $13,000 less than they had at the start of the year. But markets have been recovering since the Liberation Day tariffs on April 2 were announced for dozens of countries including Australia. Terry Vogiatzis, from Omura Wealth Advisors, told Daily Mail Australia that younger Aussies shouldn't be worried. 'There has been a fairly sharp recovery after Liberation Day and you have to remember that a lot of super funds hold a lot of different asset classes that may not have been as affected as much,' he said. 'I think diversification would have cushioned the blow. Volatility and the market downturn don't last forever. 'If you're young could see this as a good thing because would you rather a market downturn on $300,000 when you're 45 or would you rather that same drawdown happen on a $1milllion when you're 65?' Moomoo Australia CEO Michael McCarthy warned against getting too excited about the market recovery. 'Strong remarks from China's President Xi Jinping, doubts from corporate America, and weakness in copper and oil markets, suggest the current rally is fuelled by optimism rather than fact,' he said.
Yahoo
30-04-2025
- Business
- Yahoo
Worker's horror after superannuation drained: '$50,000 vanished almost overnight'
Donald Trump's tariffs have thrown a massive spanner in the works for Australians edging towards retirement. The US president's foreign policy, which is currently under a 90-day pause, has caused stock market panic around the world. Peter Jarratt was looking to retire at the end of the year from his automotive job, but that plan is now in serious doubt. The 69-year-old told Yahoo Finance his nest egg took a massive hit when the tariffs first wreaked havoc earlier this month. "I saw close to $50,000 vanish almost overnight from super and investments," he said. "Thanks to Trump, I'm facing another year of work to replace what has been lost." Aussie's wild superannuation rant debunked: 'It's a scam' Woolworths worker with three jobs shares bank balance as average Aussie savings revealed Banks reveal impact after Aussies try to drain ATMs in cashless protest The Brisbane worker has been at his current company as a fleet manager for 15 years and was looking forward to stepping back from his duties in December. While his investments and super have recovered roughly 50 per cent from their initial hit, he is still concerned they won't be back to full steam by the time he wants to call time on his career. "It just seems to be so volatile, and there's no end to the madness," he said. He said his retirement might be pushed out by another six months at least to ensure the dust has well and truly isn't the only Aussie worried about his future. A poll of more than 4,700 Yahoo Finance readers revealed 72 per cent are scared about their nest eggs due to global market volatility. Stephen was hoping to retire next month, but he's taken a more than $28,000 hit to his investments in April due to the tariffs. "I'm very concerned that super balances will fall rapidly again if and when Trump reintroduces his 90-day suspended tariffs," he told Yahoo Finance. Tami might still be a few years away from retiring, but the 53-year-old has also seen a horrifying drop in her superannuation. The teacher had a healthy nest egg of nearly $500,000 in February, but that has now fallen to $468,927, a drop of more than $26,000. "I have time to hopefully recover from this," she told Yahoo Finance. "But it's a bit devastating to see the balance shrink when I've worked so hard to get it to where it is. "Trump's tariffs are causing so much pain." Superannuation consultant firm Chant West revealed recently the median super balanced option in Australia fell 1.9 per cent in March. This option is projected to drop a further 2 per cent in April. Chant West said this option has between 61 to 80 per cent of money invested in shares. The average superannuation balance for Aussies aged 65 to 69 was $428,056, according to ASFA. That means the average Aussie who has just hit retirement could have seen upwards of $13,355 drained from their nest egg in less than two months. An Aussie wanting to meet a "medium" retirement standard would roughly spend around $43,000 per year, while a couples would spend around $62,000. That recent fall equates to nearly four months of living for a single person that would have to be funded from somewhere else. Chant West senior investment research manager Mano Mohankumar said it's best to not have a knee-jerk reaction to what's happening with your investments. 'While we appreciate that members all have different tolerance levels for seeing their account balance going backwards, the majority can afford to remain patient, even many older members,' he said. 'When markets fall sharply, there is a tendency for some people to think about moving to lower-risk options or cash, with a view to moving back later, either out of fear or as an attempt to time the market. 'But far more often than not, that strategy results in a worse long-term outcome than if you stay the course." Jarratt told Yahoo Finance he was considering his investment options as he weighs up his retirement. "I think I might have to go back to a little bit more risk in order to to make up what has been lost," he said. The markets have been on a recovery streak since the Liberation Day tariffs were announced for dozens of countries. The ASX 200 hit a low of 7,343 points earlier this month, but that has now rallied to 8,070 points. It's still a little off the 8,555 point high in mid-February, but it's moving in the right direction. There's a similar story in the US. In the middle of February, the NASDAQ was at 22,175, the S&P 500 was at 6,114, and the Dow Jones was at 44,546. When the tariffs hit at the beginning of April, those markets tumbled to 17,090, 4,982, and 37,645, respectively. But they've shot up in recent weeks to 19,544, 5,560, and 40,527, respectively. They've recovered thanks to softening sentiments from the Trump administration on the tariffs, but Moomoo Australia CEO Michael McCarthy cautioned against reading too much into the good news. "Strong remarks from China's President Xi Jinping, doubts from corporate America, and weakness in copper and oil markets, suggest the current rally is fuelled by optimism rather than fact," he in to access your portfolio
Yahoo
21-04-2025
- Business
- Yahoo
Superannuation nightmare as $14,000 impact of Trump's tariffs on everyday Aussies revealed: 'Going backwards'
Donald Trump's tariff chaos on Aussies' nest eggs has finally been revealed, and it's not good news. The US president's constantly changing foreign policy has sparked massive swings on the Australian and global share markets. Because many people's superannuation funds are invested in these markets, their retirement money has been at the whim of these sometimes daily changes. Superannuation consultant firm Chant West said the median super balanced option fell 1.9 per cent in March. This option is projected to drop a further 2 per cent in April. Aussie boss reveals huge cost of Trump vs China tariff war bloodbath: 'Scramble' Accountant's ATO warning as $5,000 expenses you can claim on tax without receipts revealed Traffic controller responds to $200,000 pay 'rumour' as she reveals salary after 2 days of training The median super balanced option, according to Chant West, has between 61 to 80 per cent of money invested in shares. The average superannuation balance for Aussies aged 65 to 69 was $428,056, according to ASFA. That means the average Aussie who has just hit retirement could have seen upwards of $13,355 drained from their nest egg in less than two months. An Aussie wanting to meet a "medium" retirement standard would roughly spend around $43,000 per year, while a couples would spend around $62,000. That recent fall equates to nearly four months of living for a single losses were even more pronounced for those with super funds geared to all growth. That's where 96 to 100 per cent of money is invested in shares, and they were down 3.3 per cent in March alone, which is a $14,125 drop. High-growth accounts, which have 81 to 95 per cent invested in shares, fell 2.5 per cent. Even though the last two months have been volatile, the median super fund was still up 5.5 per cent over the nine months of the 2024-25 financial year. All growth was up 6.9 per cent for the same time, while high growth was up 6.0 per cent. But Chant West senior investment research manager Mano Mohankumar doesn't want these figures to spark panic amongst retirees or those on the verge of retirement. 'While we appreciate that members all have different tolerance levels for seeing their account balance going backwards, the majority can afford to remain patient, even many older members,' he said. 'When markets fall sharply, there is a tendency for some people to think about moving to lower-risk options or cash, with a view to moving back later, either out of fear or as an attempt to time the market. 'But far more often than not, that strategy results in a worse long-term outcome than if you stay the course." A poll of more than 3,700 Yahoo Finance readers found 70 per cent were worried about the impacts the US tariffs will have on their superannuation in the short and long term. That's the million-dollar question. Donald Trump announced a 90-day pause on the tariffs for dozens of countries, and it led to massive rallies on the ASX and US markets. They certainly didn't return to pre-tariff levels, but the turnaround wiped off a lot of losses that occurred that week. It's unclear what will happen between now and that 90-day deadline, and whether Trump sticks to his guns or organises new deals with those affected nations. H&R Block director of communications Mark Chapman told Yahoo Finance that more chaos like we've seen in April could lead to a horror reality for many older Aussies. "Unless there is a rapid uptick in the stock market, this could mean that many people will have to work longer to afford the kind of retirement they thought they were looking at just a few weeks ago," he said. "Reduced economic activity and possibly higher unemployment will lead to a reduced income tax take and a reduction in sales of goods and services will lead to a reduction in the amount of GST collected. "Exports will be hit and sales of vital minerals and ores will inevitably occur with the shrinking of the world economy, leading to less demand and less tax being paid into the system. "This could lead to increased government borrowing to support the domestic economy." The Reserve Bank of Australia is even tipped to cut interest rates next month to stem some of the impacts of the tariffs.
Perth Now
21-04-2025
- Business
- Perth Now
Impact of Trump chaos on Aussies revealed
The net wealth of Australians has fallen on the back of US President Donald Trump's tariff plans. Figures released by Chant West show the median superannuation balanced option, which has 61 to 80 per cent of the money invested in shares, fell 1.9 per cent in March. Worst still, these funds are currently estimated to have fallen a further 2 per cent in April following the rapid fall and recovery of shares earlier in the month. However, Chant West says this estimate could become stale quickly given some of the wild daily market movements. Chant West figures are the first showing of the cost to everyday Australians since the US President evoked his tariff policies, stoking fears of slowing economic growth. Superannuation members could be down by as much as 3.9 per cent. NewsWire / Nicholas Eagar Credit: NewsWire The share sell-off began in late March off the back of Mr Trump announcing 25 per cent tariffs on select items including steel imports. President Trump's so-called 'Liberation Day' blanket tariffs on April 2 sent a shockwave through share markets and then a week later, a pause on some of these tariffs resulted in a market rally. Chant West senior investment research manager Mano Mohankumar said in times of market volatility it is critical members keep in mind superannuation is a long-term investment and there are going to be periods of market weakness. 'While we appreciate that members all have different tolerance levels for seeing their account balance going backwards, the majority can afford to remain patient, even many older members,' Mr Mohankumar said. Despite the falls, the research shows retirees with the median super fund were still 5.5 per cent up over the nine months of the 2024 financial year. 'When markets fall sharply, there is a tendency for some people to think about moving to lower-risk options or cash, with a view to moving back later, either out of fear or as an attempt to time the market,' Mr Mohankumar said. 'But far more often than not, that strategy results in a worse long-term outcome than if you stay the course.' Superannuation balance would have fallen by more if it wasn't for superannuation diversification. NewsWire / John Appleyard Credit: News Corp Australia 'Not only do you convert paper losses into real ones, but you also risk missing part, or all of the subsequent market rebound.' Mr Mohankumar also pointed to superannuation members benefiting from diversification with the losses in the share market greater than what members are experiencing. 'Taking the full month of March as an example, we saw Australian shares retreat 3.3 per cent over the month while international shares were down 5 and 4.7 per cent, in hedged and unhedged terms, respectively,' he said. 'However, the median growth fund's loss was limited to 1.9 per cent, benefiting from diversification across a wide range of growth and defensive asset classes including alternative and unlisted assets.' The average median superannuation growth fund has delivered an 8 per cent return on average since the introduction of compulsory super in 1992.
