POWERED BY MOMENTUM MEDIA
Reality bites on super in retirement
The number of working Australians who say they will rely on superannuation as their main source of retirement income has dropped by almost 30 per cent, according to a survey commissioned by the Institute of Chartered Accountants Australia.
The survey showed 50 per cent of working Australians believe they will rely on superannuation as their main source of their retirement income, down from 79 per cent three years earlier.
The decline reflects the effect the economic downturn has had on Australian workers and their understanding of its impact on superannuation, said Institute of Chartered Accountants chief executive Graham Meyer.
Sixty five per cent of respondents also indicated that the 9 per cent compulsory super component alone would not provide enough savings for the average Australian worker in retirement.
Meyer claimed that further education is still required to help people understand the benefits of using their superannuation to save for retirement.
"Improving financial literacy skills is an ongoing issue that will assist many Australians to make better and more informed financial decisions about their future," he said.
AUTHOR
Corrina Jack
Recommended for you
ASFA has urged greater transparency and fairness in the way superannuation levies are set and spent.
Labor’s re-election has reignited calls to strengthen Australia’s $4.2 trillion super system, with industry bodies urging swift reform amid economic and demographic shifts.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
