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Australians leaving it too late to think about super
Many Australians plan to start focusing on their superannuation savings in their 40s, but were still finding it hard to make time even when they become worried about their super balances, according to an independent researcher.
Speaking at an Australian Institute of Superannuation Trustees (AIST) lunch, Dr Rebecca Huntley, director of IPSOS Mackay Research, said that women in particular believed that by their 40s they would be able to go back to work after having kids, their mortgages would be paid off and their children would be ready to leave home.
Huntley conducted a qualitative analysis by speaking to a number of focus groups and found that for people in this age group, super weighs heavily on the mind. However, with children staying at home longer and often with parents who also needing care, many were finding it impossible to go back to work or to adequately build their superannuation balances.
People in this age group thought they would be better off than they were by the time they reached their forties, she said.
People in their 20s still tended not to take superannuation seriously, and only had a loose understanding of super, Huntley said.
“Super is still not on their radar, but there is a recognition that their 50s is too late to start thinking about their super,” she said.
There was also a belief among young people that they would have to work into their 70s to pay for their parents’ generation, Huntley said.
AUTHOR
Mike Taylor
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