Nearly half of Australian households are unhappy with the current level of their long-term investments including superannuation, according to a startling financial health survey released by ME Bank.
The survey, released at the Australian Institute of Superannuation Trustees lunch in Melbourne, has painted a dire picture of household confidence in superannuation performance.
Twenty-four per cent of all Australian households were very uncomfortable with their level of investments, while a further 20 per cent were somewhat uncomfortable.
Approximately one in five people thought they would have a very uncomfortable retirement, according to the survey.
The level of confidence in super greatly increases once superannuation hits levels of $200,000 or more, according to the survey.
Forty-six per cent of households were also very uncomfortable or somewhat uncomfortable with their household's levels of cash savings, while one in four thought they couldn't withstand a financial emergency. More than half of all respondents were spending all or more than their income every month.
ME Bank chief executive Jamie McPhee urged the banking sector to resist playing on Australians' overly optimistic assessment of their finances to feed them more debt. Nearly 17 per cent of all respondents were overly optimistic about their finances.
ME Bank surveyed more than 1500 households. It was conducted in October last year.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.