Australians in the middle of their careers were the least trusting of their funds, with 52 per cent of people aged 40-49 trusting their superannuation funds to act in members’ best interests.
The highest trust was seen among those nearing or at retirement, although this still made for sobering reading with only two out of three (66 per cent) Australians aged over 60 trusting their super fund.
The report concluded that funds could build trust by improving communication, making financial services more transparent, and understanding how they can deliver more value to members.
If you’d like to learn more about superannuation, check out our top super tips at the end of this article or visit the Financial Literacy Service page on our website.
These figures provide a damning summation of the current retirement income system.
It’s why we need to ensure the government gets its Retirement Income Review right.
Help us drive real change by sharing your retirement income priorities.
- Improve your understanding: not knowing enough about how super works makes many Australians apathetic towards their retirement savings.
- Know your super balance: a recent study by Stockspot revealed 15% of Australians didn’t know how much super they have. People who are clear about their current situation are generally better placed to make decisions about their future.
- Find and combine your super: Australians have $17.5 billion in lost super, according to the Australian Tax Office. To keep track of and combine your super, log in to the myGov website. Consolidating your super into one account is quick and easy – and it could save you from paying multiples sets of fees and insurance policies.
- Check your insurance: Australians often have death, disability and income protection insurance built into their super. It’s important to understand your level of protection, what premiums you are paying and whether you need more or less cover.
- Calculate how much super you need for retirement: Refer to the Association of Superannuation Funds of Australia (ASFA) website for assistance or consult a qualified financial adviser.
As a National Seniors Australia member, you can also take advantage of our special partner relationships to help build a stronger financial future.