Australians are disengaged and confused about superannuation: 15 stats from CommBank

Research released by a major Australian bank shows there is a significant lack of understanding of the superannuation category in Australia, the result of a disengaged audience and a lack of ownership of super as an investment product.

 

A report from the Commonwealth Bank has found that Australians aged 18 to 40 struggle to understand superannuation, particularly its tax benefits as an investment. If given $1000 to invest, the majority of 18 to 40-year olds would not choose to put it in superannuation.

These findings follow related research by Suncorp recently, which found that around half of working Australians felt confident they could fund their retirement dreams. Generations X and Y, in particular, were not planning for retirement due to a lack of interest in thinking about it. Baby Boomers, however, were not planning for retirement due to a lack of understanding of superannuation.

 

15 stats about Australians and superannuation

  1. 59% of 18-40s said their superannuation didn’t feel like their money,
  2. 56% did not understand what the term ‘super is a tax-effective investment’ means,
  3. 61% knew the superannuation guarantee charge rate had changed on 1 July,
  4. 17% of survey respondents correctly identified the new rate,
  5. 51% of all 18 to 40 year olds said ‘superannuation rules keep changing and it is too hard to keep up’,
  6. 26% of females said ‘I feel like I know almost nothing’ about superannuation,
  7. 15% of males said ‘I feel like I know almost nothing’ about superannuation,
  8. 14% of females have never checked their superannuation balance,
  9. 8% of males have never checked their superannuation balance,
  10. 42% seek information about superannuation from superannuation fund websites,
  11. 37% seek information about superannuation from their employer,
  12. 24% seek information about superannuation from their family,
  13. 17% seek information about superannuation from their bank,
  14. 15% seek information about superannuation from work colleagues, and
  15. 15% seek information about superannuation via Google.

 

Source: MyWealth