“While many SMSF holders report they have made plans for their retirement, most report they are yet to or are still in the process of planning for their retirement. This suggests that SMSF holders are not necessarily more organised for or focused on their retirement,” the research stated.

The research also found there is a “sizable demand” for annuity and allocated pension products among SMSF holders, with 43 per cent of respondents stating they are likely to buy a product that provides an income stream from their SMSF.

Approximately 13 per cent of respondents reported they are leveraged for property within their SMSF, with 10 per cent reporting they are leveraged for equities.

A further 43 per cent of respondents reported they have a formal arrangement with a financial adviser, while fewer than one third have a formal arrangement with an accountant for financial advice.

Over two thirds of respondents also reported they do not currently have any life insurance, and of those who did, the policy was worth $837,074 on average.