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Half of all Australians uncertain about super: ASIC

Half of all Australians uncertain about super: ASIC

Reporter
18 December 2014

Approximately 48 per cent of Australians do not feel confident their super is sorted, according to a survey conducted by ASIC.

The ASIC Consumer Financial Confidence Survey showed this statistic improved with age, with 72 per cent of the population aged 50 or older confident about their super.

Only 41 per cent of people in the 25–49 age group and 39 per cent of those in the 1624 age group on the other hand were confident their super was sorted.

The survey also showed 67 per cent of the people joining APRA-regulated super funds did not seek independent expert advice.

Among those that did 67 per cent were confident their superannuation was sorted, compared to the 49 per cent figure for all Australians.

ASIC said this demonstrates those getting advice “received value and confidence out of it”.

The under 50s were less likely to have sought independent advice when choosing an APRA-regulated super fund with only 14 per cent of 1624-year-olds and 28 per cent of 2549-year-olds seeking independent expert advice.

The survey indicated Victoria and Tasmania were the most confident with their super than any other state.

In Victoria and the ACT 57 per cent were confident their super was sorted.

Half of all Australians uncertain about super: ASIC
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