Despite economic challenges, a majority of Australians feel confident in their superannuation savings to deliver for their future financial well-being, according to an industry representative body.
A Super Members Council (SMC) study, based on research involving 1151 people aged 18 and over, showed 58 per cent of respondents said super gave them confidence about their financial well-being, while 60 per cent believed the current superannuation system is working in the interests of all Australians.
The “Tracking Attitudes to Super” research conducted by Essential Media in November 2023 and commissioned by the SMC also revealed over half of Australians (53 per cent) reported struggling financially in the current economic climate. However, of those reporting financial difficulties, 54 per cent still looked to their superannuation savings as a source of hope in tough times.
“More Australians are feeling the pinch, but super is seen as a lifeboat through today’s economically turbulent waters,’’ SMC advocacy executive general manager Georgia 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.”
Additionally, 55 per cent of those surveyed agreed their superannuation savings have shown strong performance over the long term and an equal percentage believed super remains a cost-effective means to build their savings.
To that end, Brumby encouraged individuals to take an active role in maximising their retirement savings by making extra contributions through salary sacrificing if possible and by exploring options to find the best-performing superannuation fund that suits their circumstances.
“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,” she noted.
“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.”
The SMC was formed through the merger of the Australian Institute of Superannuation Trustees and Industry Super Australia on 1 October 2023.