Super to influence Federal vote: study

Almost half of all working Australians believe super-related issues will influence the way they vote at the next Federal election, according to Mercer Wealth Solutions.

Its 2006 financial literacy and retirement readiness study found 49 per cent of respondents think super will have a ‘big’ or ‘moderate’ influence on the way they vote.

A further 23 per cent said super will have ‘a little influence’, while only 18 per cent said it will have ‘no impact’, and 11 per cent ‘did not know’ or were ‘unsure’.

Business leader David Anderson said the trend, which was strongest among older respondents, suggests super is shaping up as an election issue for many working Australians.

Anderson said the challenge now is for the political parties to “ensure voters understand their policies” on super in the lead up to the next election next year.

The findings suggest “working Australians intuitively appreciate the importance of super in funding retirement even if they don’t understand the technical details”, he said.

“In turn, they see super as a major component of their personal financial wellbeing and a direct contributor to their lifestyle in retirement.”

He added that the study, which was undertaken immediately before the Federal Budget in May, revealed the two main political parties have accurately read the public mood on super.

In particular, Treasurer Peter Costello’s finalising last week of reforms mooted in the Budget had been “warmly welcomed by industry and are likely to warmly welcomed by Australians”.

The study also found that working Australians expect the Government to play a role in improving financial literacy, but do not believe the Government should bear all responsibility.

An overwhelming majority (95 per cent) believe they themselves have responsibility, while 76 per cent said the Government had some degree of responsibility.