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.
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