A significant number of Australians do not feel confident in their superannuation savings with less than a third under age 65 believing it can provide for a comfortable retirement, according to research from a wealth platform.
YouGov research commissioned by cryptocurrency wealth platform Dacxi found that only 29 per cent of 1030 survey respondents participants under 65 years said they would be able to achieve a comfortable retirement based on their superannuation, while 54 per cent stated they would never be able to rely on superannuation for the same goal.
Last week, the Association of Superannuation Funds of Australia stated the level of a comfortable retirement at age 65 had continued to rise and was not a $64,771 for a couple that owned their own home.
Along with the lack of confidence, the study highlighted a general lack of awareness of superannuation funds with 12 per cent of respondents not knowing how much money is in their super and they do not check it regularly, while 22 per cent stated to their knowledge they did not have a superannuation fund.
Overall, the research found that 68 per cent were happy with the performance of their super fund, while 20 per cent were very happy.
Respondents who were confident they would become wealthy in the future – either by earning more than $150,000 or having a net worth of $1 million, were more likely to be happy with their fund’s performance as opposed to those to participants that did not hold the same belief.
The research also found if given $10,000 to invest passively for 10 year, only 28 per cent would invest it in superannuation with 33 per cent opting for Australian shares and 25 per cent in listed property.
Dacxi chief executive Ian Lowe said trends within the research have highlighted the general disinterest with superannuation funds nation-wide.
“Australians are rightly concerned about the ability of their superannuation to deliver a comfortable retirement, particularly by the age of 65,” he said.
“There is also a clear trend of disengagement with superannuation, particularly among younger Australians, but also across the board – as people look for alternative options for long term investing to deliver on returns for their retirement.”
The study further revealed generation Z with a superannuation were 29 per cent more likely to not regularly check their fund and remain unaware of their amounts in comparison to 18 per cent of millennials; 10 per cent of generation X and 6 per cent of baby boomers with super funds.
