Aussies believe 9 per cent super inadequate
Just over two-thirds of Australians are concerned that the current Superannuation Guarantee (SG) of 9 per cent will not adequately fund their retirement lifestyles.
Research commissioned by the Association of Superannuation Funds of Australia (ASFA) at their Melbourne conference this week further said that 88 per cent of respondents would like more than $30,000 a year in retirement to support their desired lifestyle.
“This supports ASFA’s policy position that the SG needs to be lifted to 12 per cent through an increase in employer contributions and soft compulsion, so that Australians can fund the retirement lifestyle that they want and deserve,” said ASFA’s chief executive Pauline Vamos.
Of those surveyed, 79 per cent said they support this type of soft compulsion.
ASFA reported little if any change in satisfaction levels compared with last year, with 79 per cent of fund members saying they are content with their super fund.
In another key finding, the survey showed that more than 85 per cent of Australians are not in favour of increasing the superannuation preservation age to 67.
Meanwhile, ASFA found that 61 per cent of those surveyed agreed with the association’s position that compulsory superannuation should be extended to the self-employed.
ASFA said the research showed “having enough in retirement” was one of the biggest concerns of respondents, ranking above such issues as mortgages, job loss, health care expenses and the global financial crisis.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
