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Over 12 million Australians neglecting their biggest cash asset

Media Release 23 October 2012

23 October 2012

HOW SUPER SAVVY ARE YOU? Over 12million¹ Australians neglecting their biggest cash asset

With just a week left to lodge income tax returns, money is top of mind for many Australians as they review their finances, yet still seven in ten people admit to not being actively engaged with their super², despite it being one of the biggest cash assets they will ever own.

Superannuation is the foundation of every Australians’ financial future, yet more than one in four (26%)² have no idea what their super balance is – even though it will help give them a better life than the $20,000 per annum Age Pension.

Over half of women reveal they feel confused when it comes to their super savings². Just two years out of the workforce to raise a family can leave women $50,000 worse off than men in retirement²; combined with not knowing where to start when it comes to super, women are unwittingly putting their financial futures in jeopardy.

So as you look over your finances, why not get your future funds in shape too? The Association of Superannuation Funds of Australia (ASFA) is urging Australians to turn to Super Guru, to take a closer look at their super savings to ensure they are financially ready for whatever life may throw at them.

Super Guru, created to help all Australians learn more about their super, has also launched a competition to encourage everyone to get savvy and super-size their financial futures. No matter whether you get the answers right or wrong, participating in the competition will enter you into the prize draw for a chance to win $1,000 in cash for now and $1,000 for later, to be paid into your nominated superannuation fund.

Visit http://www.superguru.com.au to enter the competition – it could be the easiest $2,000 you’ve ever made!

ENDS

For more information, interviews, or further super statistics, please contact Liquid Ideas.

Ben Hock 02 9667 4211 / 0405 418 026
Sarah Stafford 02 9667 4211 / 0448 871 006

Notes to editor:

¹ 70% of 18.09 million = 12,600,630 people

Total population – 22.3 million at June 2011. The total number of children under 15 years of age was 4.21 million (Census 2011). Adult (+15 years of age) population is 18.09 million.

70% of Australians admit to having no active involvement with their super (Suncorp-ASFA Super Attitudes Survey, 2012)

² Research findings from the Suncorp-ASFA Super Attitudes Survey, 2012

About Super Guru

Super Guru is an initiative of the Association of Superannuation Funds of Australia (ASFA), the peak policy, research and advocacy body for superannuation.

An independent resource not tied to any product or service, Super Guru has information and tools to help people get the most out of their superannuation.

http://www.superguru.com.au | https://www.superannuation.asn.au

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