Majority don’t seek super advice
Over half (56 per cent) have never obtained financial advice about their superannuation but over a third (38 per cent) believe financial advice is crucial to boost understanding of their super, research found.
The Suncorp ‘Attitudes to Superannuation Report' found this to be the case even as it revealed more Australians would not be able to afford their dream retirement but continued to prioritise a new car or a holiday over long-term retirement investments like super.
The online survey of 2,008 respondents showed more than half of Australians (55 per cent) would like to retire before they reach 65, but almost a quarter (24 per cent) expected to work another 15 years.
It also found Generation Y was almost three times more likely than Generation X feel pressured to start planning for their retirement before 30, but almost a fifth did not know how to fund their retirement.
Suncorp executive manager of wealth, Cathy Duncan, said: "Given the importance of super and the challenges people face, getting the right financial advice is crucial to help them gain a better understanding of how to plan for their retirement".
Almost half (45 per cent) continued to find super complicated, but the research did find a link between age, income, and engagement with super. A higher income led to more engagement with super across all age groups.
Those aged 50 and over with a household income of over $100,000 were most engaged at 85 per cent, while 18-29 year olds with an income of less than $100,000 were least engaged at 55 per cent.
The top three barriers to engagement with super included finding information super boring (33 per cent), too busy with day-to-day finances (32 per cent) and not knowing where to begin in getting more involved (27 per cent).
AUTHOR
Malavika Santhebennur
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