12 April 2023
Everyone deserves to retire with dignity
In a new survey from the Association of Superannuation Funds of Australia (ASFA), members of superannuation funds reported overwhelming support for Australia’s system of compulsory superannuation – whereby employers make mandatory contributions on behalf of their employees.
98 per cent of the 2023 ASFA Fund Super Member Survey respondents considered that the current coverage of compulsory superannuation is about right or should be extended (with the majority of superannuation fund members thinking that the system should be extended).
“This survey confirms that Australians not only see the benefit of compulsory super for employees but consider that all working Australians should be covered.
“Everyone deserves the potential for dignity in retirement and that includes gig workers and the self-employed.”
80 per cent of respondents considered that self-employed people should be brought into the compulsory superannuation system (including the majority of respondents who considered themselves as self-employed – an almost identical result to a previous ASFA survey of consumers).
“The upcoming Federal Budget provides an opportunity to bring the self-employed and gig economy workers into the compulsory superannuation system. Along with essential workers, they helped get Australians through the pandemic by delivering food and other key items and they deserve a decent retirement when the time comes,” said Mr McCrea.
The 2023 ASFA Member Survey also demonstrates that community expectations of spending in retirement are reflected in the ASFA Retirement Standard , which provides the detailed annual budgets needed to fund a comfortable standard of living in their post-work years.
Around two-thirds of respondents considered that they would need annual expenditure consistent with, or exceeding, the ASFA Comfortable Standard to maintain their desired living standard in retirement.
In the 2022 December quarter, the ASFA Comfortable Standard annual budgets are $69,691 for a couple and $49,462 for a single person.
“Australians’ expectations of retirement are clear; they want to be comfortable and the move to 12 per cent SG (Superannuation Guarantee) over the next few years will help more people to achieve that,” concluded Mr McCrea.
The ASFA super fund members survey was undertaken in February 2023. The survey size is around 400 people. The ASFA consumer survey was undertaken in January 2022. The survey size is around 1,000 people.
For further information, please contact:
ASFA Media team, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.