More Australians trust in super system despite economic uncertainty: research
Super is helping Australians maintain confidence that better financial conditions are ahead, according to new research from the Super Members Council of Australia.
The research, conducted in collaboration with Essential Research, surveyed 1151 people and revealed almost two-thirds of Australians say super makes them feel more confident about their financial wellbeing, despite a majority (53 per cent) now saying they are financially struggling.
According to the research, people trust that super works in the best interests of members and that it is a low-cost way to build wealth and believe super has delivered strong long-term investment returns.
Super Members Council Executive General Manager of Advocacy, Georgia Brumby, said while cost-of-living pressures are impacting family budgets, survey participants said super gives them a feeling of future financial security and certainty and those who engage with super can better maximise the benefit.
“More Australians are feeling the pinch, but super is seen as a lifeboat through today’s economically turbulent waters,’’ Ms Brumby said.
“Our universal and world-class super system has provided economic security, financial flexibility and peace of mind to millions of Australians. If the policy settings remain stable and changes are made only in the members’ best interests, super can go on delivering for generations to come.”
The research revealed that 60 per cent of people are confident the super system is working in the best interest of everyday Australians and 55 per cent agree that super has performed strongly over the long-term, with only 14 per cent disagreeing.
While trust and confidence in the system are generally high, those who are more engaged with their super historically report higher levels of satisfaction, the research found.
“Previous research shows those who take an interest in super are happier with their fund’s investment performance, so we would urge all Australians to check in with their fund to make sure they are getting the most they can from their super,” Ms Brumby said.
“Life is busy and retirement for many is decades away, but spending some time now looking into super could really pay off in the long-term.”
