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Aussies not acting on super fears
Despite 71 per cent of surveyed Australians feeling they do not have enough super to live comfortably in retirement, there is a disconnect between that fear and taking action to remedy it, Intrust Super has found.
The fund surveyed 1,700 people, of which 72 per cent were not currently making personal contributions to their super and 32 per cent had no plans to ever make personal contributions.
“This represents a discrepancy between peoples’ anxiety about their retirement futures, and their ability to make real progress towards their futures,” Intrust Super chief executive, Brendan O’Farrell, said.
The fund found that 40 per cent of those surveyed were interested in making extra contributions but weren’t yet doing so. Eighty per cent of those who would consider contributing more to their super believed they couldn’t afford to do so.
“Analysis of the survey shows that Australians aren’t contributing to their future because they can’t afford to, don’t have the time, or believe setting up contributions is too hard,” Farrell said.
“If we can help them make sense of their super now, it could add up to thousands of extra in retirement savings for their futures. Every little cent counts.”
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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