Australians aged 18 to 34 overwhelmingly trust and value superannuation despite being decades away from retirement, new research from peak superannuation body ASFA has found.
The research also showed that regularly contributing to their super made four in five younger Australians feel more confident about their financial future.
The findings are part of a survey commissioned by ASFA, the voice of super, and carried out by RedBridge Research of 1500 Australian adults* that asked respondents a series of questions about their attitudes to superannuation.
“The strong level of satisfaction, trust and confidence younger people feel about their super is encouraging to see as superannuation is often not front-of-mind for younger people,” ASFA CEO Mary Delahunty said.
“This result demonstrates that younger Australians are engaged with superannuation and well aware of its positive contribution in shaping their financial security in retirement.”
Key findings of the research include:
- 73% of respondents aged 18 to 34 reported they were pleased with their funds’ performance. This level of trust increases with age: the satisfaction rate for 35 to 49-year-olds was 75%, rising to 79% for the 50 to 64 cohort and 89% for those aged 65 and over.
- 72% of 18 to 34-year-olds said they trust their fund to make good financial decisions, and 73% said they thought super funds were more focused on providing good investment returns than banks or insurance companies.
- 82% of respondents aged 18 to 34 either agreed or strongly agreed that regular contributions to their fund made them feel more confident about their financial future.
- 77% of the 18 to 34 cohort believe the compulsory contribution rate should be at least 12%.
The results of this research are also featured in ASFA’s new podcast for the sector, Voice of Super.
In the first episode RedBridge Research Director Simon Welsh analyses the key findings – including the high degree of trust and satisfaction respondents felt about superannuation plus some of the challenges the sector faces in improving retirement outcomes for all Australians.
Voice of Super is available now on Spotify, Apple Podcasts and the ASFA website.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
