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Confused workers make super an election issue
Research undertaken by Mercer Wealth Solutions suggests the Federal Government hit many of the right buttons with its changes to superannuation contained in the May Budget, with consumers indicating that the level of their retirement income is now a key electoral issue.
The “Mercer Financial Literacy and Retirement Readiness Study 2006” reveals that one in five respondents believe superannuation issues will have a big impact on their voting intentions, while 31 per cent said it would have a moderate impact.
However, from the Government’s point of view, the key element in the Mercer data is that it reveals that older working Australians are the ones most concerned about superannuation policy, with 49 per cent of those aged between 35 and 54 saying it would have either a big or moderate impact on their voting intentions.
What the Mercer study found was that almost half of the respondents believed that they would be less comfortable in retirement than they are today, with most people expecting to rely on superannuation, while only 3 per cent believed they could rely on inheritance.
The research also revealed that working Australians don’t know enough about their existing superannuation fund arrangements, with two in three not knowing whether they were in a defined benefit or accumulation style fund, while two in five did not know if their fund invested in conservative or aggressive strategies.
AUTHOR
Mike Taylor
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