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Aussies unhappy with levels of superannuation
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.
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ASIC chair Joe Longo has delivered a blunt warning to superannuation trustees, cautioning that board-level ignorance of member complaints and internal failings will not be tolerated and could trigger enforcement action.
ART has cautioned regulators against imposing overlapping obligations on superannuation funds already operating under APRA’s comprehensive framework, saying that additional oversight should be “carefully targeted to address potential gaps in other parts of the market”.
The super fund has appointed Simone Van Veen as chief member officer.
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