Survey highlights disconnect between super concerns and plans
A recent survey conducted by Intrust Super has highlighted a disconnect between the concerns of everyday Australians, and the plans they have in place to address those concerns.
The ‘Make Sense of Super’ survey, which was completed by over 1700 individuals, showed that 71 per cent of those surveyed felt they would not have enough super to live comfortably in retirement.
Intrust Super Chief Executive Officer Brendan O’Farrell said the survey showed worrying results.
“It is a concern that such a large percentage of people are worried they won’t have enough. But in some respects, it’s good that people are thinking about it, and it makes us more driven to address these needs,” O’Farrell said.
“Hardworking Australians have enough on their plates managing the costs of everyday living without having to think about retirement savings.
“There are many people who could be eligible to receive some super bonuses from the Government, by way of co-contributions, tax savings or offsets. In many cases, tiny personal contributions can help an individual receive some of these great incentives. But for many people, super just isn’t a priority and is seen as either unaffordable, or too difficult to put aside time to prioritise super savings. Unfortunately, these people miss out.
“Seventy-two per cent of those surveyed are currently not making personal contributions, and believed they had a hurdle stopping them from doing so. 32 per cent had no plans to ever make personal contributions. This represents a discrepancy between peoples’ anxiety about their retirement futures, and their ability to make real progress towards their futures.”
The survey also drilled down into detail to determine what was stopping people from making plans to save for their future, and the level of interest in doing so.
Forty per cent said they were interested in making extra contributions but were not currently doing so, while 80 per cent of those who would consider contributing extra to their super believed that they couldn’t afford to do so.
Mr O’Farrell said that the Fund is looking to provide Australians with a solution to many of the issues that the research uncovered.
“Analysis of the survey shows that Australians aren’t contributing to their future because they can’t afford to, don’t have the time, or believe setting up contributions is too hard,” he said.
“Intrust Super has been working tirelessly to provide a seamless service that will give Australians a solution to many of these issues. It is all about helping everyday Australians grow their super savings without even having to think about it.
“If we can help them make sense of their super now, it could add up to thousands of extra in retirement savings for their futures. Every little cent counts,” he added.