17 May, 2024
More than half (58%) of respondents with a Super expressed confidence that they understood the details and how it works, with 54% preferring to take an active role.
Almost two thirds (61%) claim that having a Super makes them feel more secure about retirement than other investments of the same value.
Source: Toluna, World Gold Council
Q22a To what extent do you agree/ disagree with the following. Base: Have a super (786)
Overall, four out of five (82%) people with a Super have just the one fund. 18-34 year olds are more likely to have more (22%), followed by people aged 45-54 (18%).
52% have consolidated their Supers in the past with a further 18% planning to do so at some point in the future.
The survey additionally found that 15% of respondents have changed from a managed Super to self-directed. 82% of them doing so in the past three years. The rationale for that change was that they wanted more control and independence as well as better performance. 30% of those taking the self-directed route feel that fund performance has exceeded their expectations, while the majority (62%) felt it had performed as expected.
Nearly half (45%) of those with a Super, have a balance currently less than A$100k.
Two out of five people contribute less than A$10k a year, which is consistent with their income profiles if they are relying on the minimum 11% contribution threshold.
