Workers and retirees have warmed to the Federal Government’s tightening of the age pension assets test, with 78 per cent of workers and 88 per cent of retirees giving it the thumbs up.
That was the findings of research commissioned by industry super fund AustralianSuper, which also found 75 per cent of wage earners hesitated to put extra money into their superannuation due to constant tinkering.
AustralianSuper’s group executive, membership, Paul Schroder, said younger workers are recognising they need to fund their own retirement instead of depending on government support.
“But before they’re willing to invest more in their super, they want greater certainty and less government interference in the super system,” he said.
The research also showed more than three quarters (76 per cent) of workers expect it to be more difficult to qualify for the pension when they retire compared to today, with Gen X hurt the most (82 per cent), followed by Baby Boomers (74 per cent), and Gen Y workers (70 per cent).
Meanwhile, 76 per cent of workers and 81 per cent of retirees want an independent body to look after super tax rather than the government.
