Nearly half of Australian households are unhappy with the current level of their long-term investments including superannuation, according to a startling financial health survey released by ME Bank.
The survey, released at the Australian Institute of Superannuation Trustees lunch in Melbourne, has painted a dire picture of household confidence in superannuation performance.
Twenty-four per cent of all Australian households were very uncomfortable with their level of investments, while a further 20 per cent were somewhat uncomfortable.
Approximately one in five people thought they would have a very uncomfortable retirement, according to the survey.
The level of confidence in super greatly increases once superannuation hits levels of $200,000 or more, according to the survey.
Forty-six per cent of households were also very uncomfortable or somewhat uncomfortable with their household's levels of cash savings, while one in four thought they couldn't withstand a financial emergency. More than half of all respondents were spending all or more than their income every month.
ME Bank chief executive Jamie McPhee urged the banking sector to resist playing on Australians' overly optimistic assessment of their finances to feed them more debt. Nearly 17 per cent of all respondents were overly optimistic about their finances.
ME Bank surveyed more than 1500 households. It was conducted in October last year.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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