Retirement
Survey reveals Australians' reliance on superannuation for retirement
Retirement
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation.
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation.
The "Superannuation Across Generations" survey, released today, highlights the importance of the superannuation system for Australians' retirement planning.
Key findings include:
- 15% of Australians report they would have no retirement savings without superannuation.
- 33% of Millennials, 32% of Gen X, and 19% of Baby Boomers say they would have between zero and $10,000 saved without super.
- 87% of Australians across all generations see the benefit of the superannuation system.
- Gen Z is the second strongest supporter of superannuation (89%), after Baby Boomers (93%).
Rose Kerlin, AustralianSuper Chief Member Officer, said: "Australia's retirement system is one of the best in the world and this hasn't gone unnoticed. The Superannuation Across Generations survey reveals Australians not only highly value the system but also count on it to live well in retirement."
The survey also found that:
- 50% of Australians believe super will be their main source of retirement income.
- 58% recognize super as their largest or second-largest financial asset.
- More than a third of Australians check their super at least monthly.
Despite increased engagement, two-thirds of Australians compare their superannuation fund less than once a year, and a quarter have never done so.
Kerlin advised: "Regularly reviewing how much you're paying in fees, just like you would with your utilities or insurance, can have a big impact on your retirement outcome."
The survey was conducted in September 2024 with a nationally representative sample of 1,009 Australians aged 18 and over.
AustralianSuper manages over $341 billion in retirement savings for more than 3.4 million members from over 478,000 businesses as of June 30, 2024.
RELATED ARTICLES
Superannuation
Half of Australians unaware of impending superannuation law change set to impact millions
In a surprising revelation, a recent study has highlighted a significant knowledge gap among Australian workers regarding a major superannuation reform set to affect over 1.2 million people from 1 ...Read more
Superannuation
Rest strengthens investment strategy with seasoned executive appointment
In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more
Superannuation
NGS Super strengthens leadership with appointment of new Chief Member Officer
In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more
Superannuation
Aware Super triumphs at Chant West Super Fund Awards with top honours
In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more
Superannuation
NGS Super rolls out enhanced member advice services with a focus on accessibility
In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more
Superannuation
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created ...Read more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Half of Australians unaware of impending superannuation law change set to impact millions
In a surprising revelation, a recent study has highlighted a significant knowledge gap among Australian workers regarding a major superannuation reform set to affect over 1.2 million people from 1 ...Read more
Superannuation
Rest strengthens investment strategy with seasoned executive appointment
In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more
Superannuation
NGS Super strengthens leadership with appointment of new Chief Member Officer
In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more
Superannuation
Aware Super triumphs at Chant West Super Fund Awards with top honours
In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more
Superannuation
NGS Super rolls out enhanced member advice services with a focus on accessibility
In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more
Superannuation
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created ...Read more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
