The 2008 Global Financial Crisis, or GFC, had a huge impact on many investors’ finances, with some facing catastrophic personal losses.

A decade later, in 2018, National Seniors and research partner Challenger asked thousands of older people about their attitudes to future market turmoil.

In total, 72% of people surveyed were concerned about another potential market collapse.

Memories of the GFC were apparent in survey participants’ comments.

One person wrote, “I was 55 when the GFC hit and had been salary sacrificing into superannuation for at least a decade. I was also of the era where women weren’t offered super when I joined the workforce, so at that point, had only had employer super for 20 years. I lost about a third of my super in one hit.”

Another wrote, “The main issue with the GFC for me was the reduction in my capital investments of approximately $30,000. Up until that point, I would be considered a medium-risk investor. However following my loss, I changed to a low-risk investor and transferred much of my capital into cash.

“The income from the cash stream is considerably less than a shares portfolio; however, I was not prepared to suffer another loss of that magnitude.”

To find out more read the full report, Once bitten twice shy: GFC concerns linger for Australian seniors.