What do Australians think of super?
In 2007 we commissioned a survey* to see how much people knew about superannuation and in particular the government’s simplified super changes. See if these responses reflect what you’ve been thinking…
“I don’t have anything to put into super”
Our survey found that a healthy nine in ten (91%) Australians approaching retirement have assets they could put into superannuation. The most common assets were:
- savings/term deposits (70%)
- shares (50%)
- managed investments (32%) and
- investment property (26%).
“I’d rather invest in property”
People who invest in real estate do so because they believe:
- It’s a safe investment (66%)
- It’ll help fund their retirement (56%)
- They can maintain control of their assets (52%)
- It’ll generate a profit (37%)
Our case study on super v property sheds some new light on these perceptions.
“I don’t have enough super”
Only one in three (33%) Australian workers aged 40 years and over believe their super will be enough to fund their retirement. This is often due to people leaving it too late in life to make provision for their retirement years.
A lot of people (58%) expect to receive the government pension.
Unfortunately, the government pension will only provide a maximum of $22,952.80 per year for a couple*. Will you have enough super?
*Centrelink Aged Pension rates - effective 1 July 2007. Does not include allowances or other benefits that you may be entitled to.
Men are different to women
OK, hardly a ground-breaking concept, but we found that:
- more men (40%) believe their super will be enough to live on than women (24%).
- men are also more likely to claim knowledge of the changes to super (49%) than women (37%).
- however, women are more likely than men (14% compared to 9%) to have already taken advantage of the changes.
Whatever your gender, we think it’s a great idea to seek financial advice. We can help you find an adviser.
*This information is based on the findings of a survey by Galaxy Research commissioned for Asgard Wealth Solutions in February 2007.