Many Australians clueless about super changes

Peter Terlato 15 November 2016

confused child

But the majority are happy with their current fund.

New survey results show that while most Australians are generally supportive of superannuation as a form of retirement savings, many think it's too complicated and want more information.

New research released by the Association of Superannuation Funds of Australia (ASFA) found more than half of those surveyed supported the latest raft of changes to superannuation rules, while almost a quarter (24%) thought super was too complex and a similar proportion (25%) needed more information.

This isn't surprising considering almost three-quarters (70%) of respondents claimed they don't read product disclosure statements.

Half of those surveyed (50%) were unsure how much super they would need to retire comfortably, while nearly one third had no idea about proposed government changes to the taxation of superannuation.

The latest Investment Trends survey supports these claims, revealing less than one-third of customers are "somewhat confident" they could fund their retirement future using their superannuation savings.

However, ASFA's study notes the majority (65%) of super customers were happy with their current fund, with only a small proportion (5%) intending to switch providers.

The survey also found customers under the age of 30 were seeking improved customer service, plus useful financial apps they can use to monitor and assist with investments and calculate retirement needs and benefits from contributions. They are also interested in maintaining a low carbon footprint.

Startup super fund Spaceship recently raised $1.6 million in capital to bolster investments in technology stocks, with hopes of diversifying retirement savings for millennials.

Planning your retirement? Find all the information you'll need in our ultimate guide to Aussie super funds.

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