Many Australians have no idea about their retirement circumstances
- Research suggests to a third of Australians do not know basic details about their super or retirement
- More positively, report also showed more younger Australians making voluntary super contributions
A survey of more than 2,000 collected by Equip found 32% of Australians rarely or never think about retirement, 29% don't know how much money they will need to retire comfortably, and 28% have no idea how much money is currently in their super.
Equip CEO Scott Cameron emphasised the importance of being as up to date as possible with the details of your super, as well as your retirement plans.
"Awareness and education is the first step toward understanding how you can grow your super for success, so we encourage all Australians to take the first step by getting in touch with their super fund, either in person over the phone or go online and log into their member portal to check their balance," Mr Cameron said.
He also highlighted the need for people to have some idea how much money they will need to retire comfortably.
"A good way to do this is by speaking with your super fund for tailored information, or by referring to the Australian government's ASFA Retirement Standard," he said.
However, the report also showed encouraging signs that younger Australians are shifting towards making voluntary super contributions.
Almost half (46%) of those surveyed had begun making voluntary super contributions, with 65% of these people aged under 40.
Thirty-nine per cent of respondents (the most common response) said they first began making additional contributions before they turned 30.
Mr Cameron was enthusiastic about the trend and stressed the importance of planning for retirement as early as possible.
“It’s fantastic to see more and more Australians taking an interest in their financial future and taking action to boost their superannuation early on in their working life,” he said.
“It’s easy to dismiss retirement planning as something to consider after other major life milestones, such as embarking on a career, starting a family, or purchasing a property.
“But the reality is retirement planning should begin early in your career and be revisited throughout your life.”
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