POWERED BY MOMENTUM MEDIA
Aussies not acting on super fears
Despite 71 per cent of surveyed Australians feeling they do not have enough super to live comfortably in retirement, there is a disconnect between that fear and taking action to remedy it, Intrust Super has found.
The fund surveyed 1,700 people, of which 72 per cent were not currently making personal contributions to their super and 32 per cent had no plans to ever make personal contributions.
“This represents a discrepancy between peoples’ anxiety about their retirement futures, and their ability to make real progress towards their futures,” Intrust Super chief executive, Brendan O’Farrell, said.
The fund found that 40 per cent of those surveyed were interested in making extra contributions but weren’t yet doing so. Eighty per cent of those who would consider contributing more to their super believed they couldn’t afford to do so.
“Analysis of the survey shows that Australians aren’t contributing to their future because they can’t afford to, don’t have the time, or believe setting up contributions is too hard,” Farrell said.
“If we can help them make sense of their super now, it could add up to thousands of extra in retirement savings for their futures. Every little cent counts.”
Recommended for you
Senator Andrew Bragg has pressed funds that attended the super summit in the US, demanding answers on costs, compliance with their best financial interests duty, and the decision-making process behind their participation.
A top Treasury official has shed light on the confidential document that circulated among funds this month, telling Senate estimates Treasury is “testing a hypothesis”.
During Senate estimates, it was insinuated that if AustralianSuper had been a retail fund, it would have faced a much larger fine.
Just months after exceeding $4 trillion in assets, Australia’s super industry continues to grow at pace.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.45 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
30.48 3 y p.a(%)
