Did you know, almost one-third of Australians surveyed by ASFA reported they had ‘no idea’ about the government’s proposed super tax changes to the taxation of superannuation. Do you also feel in the dark?
The Association of Superannuation Funds of Australia (ASFA) commissioned CoreData to conduct a survey of 1,000 Australians to gauge consumer attitudes towards superannuation.
While one-third of respondents said they had ‘no idea’ about impending changes to the taxation super, the number of people with multiple accounts has halved since ASFA’s 2013 survey.
Sixty-five per cent of respondents said they were happy with their superannuation fund, but 70 per cent of super members have not read the associated product disclosure statement and are either making decisions based on emotion or opting to use default funds, ASFA research has found….
The Australian Institute of Superannuation Trustees similarly noted a majority of Australians relied on default super funds in its submission to the Productivity Commission regarding proposed changes to default super arrangements.
Additionally, ASFA said that while more than half of Australians thought the superannuation system was a good way of managing retirement income, 50 per cent were unsure of how much super they’ll need for retirement.
A Mercer study released last week found that only 53 per cent of men and 41 per cent of women were on track to reach a super balance that could support a comfortable retirement, with millennials among those “not doing so well” with regard to super savings. Read MORE from Investor Daily.
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