Intrust Super is making sense of super
Intrust Super recently conducted their “Make Sense of Super” survey – a short survey to gauge the attitudes and engagement of everyday Australians with super. Over 1,700 individuals completed the survey and the results illustrated a disconnect between the concerns of everyday Australians, and the plans they have in place to address those concerns.
Of some concern was that 71 per cent of those surveyed felt they would not have enough super to live comfortably in retirement.
Intrust Super Chief Executive Officer Brendan O’Farrell says that while 71 per cent of those surveyed felt they would not have enough super to retire comfortably on, the survey showed bigger concerns.
“It is a concern that such a large percentage of people are worried they won’t have enough. But in some respects, it’s good that people are thinking about it, and it makes us more driven to address these needs”.
“What we were more concerned with, was the seeming disconnect between the number of people concerned about their retirement, versus the number of people who realistically saw themselves doing anything about it.”
“72 per cent of those surveyed are currently not making personal contributions, and believed they had a hurdle stopping them from doing so. 32 per cent had no plans to ever make personal contributions. This represents a real disconnect between peoples’ anxiety about their retirement futures, versus their ability to make real progress towards their futures.”
The survey drilled down into detail to determine what was stopping people from making plans to save for their future, and the level of interest in doing so.
40 per cent were interested in making extra contributions but were not currently doing so. 80 per cent of those who would consider contributing extra to their super believed that they couldn’t afford to do so.
Mr O’Farrell says the results show that many Australians were facing challenges when it came to super contributions.
“Hardworking Australians have enough on their plates managing the costs of everyday living without having to think about retirement savings.”
“There are many people who could be eligible to receive some super bonuses from the Government, by way of co-contributions, tax savings or offsets. In many cases, tiny personal contributions can help an individual receive some of these great incentives. But for many people, super just isn’t a priority and is seen as either unaffordable, or too difficult to put aside time to prioritise super savings. Unfortunately, these people miss out.”
Mr O’Farrell stated that the Fund is looking to provide Australians with a solution to many of the issues that the research uncovered.
“Analysis of the survey shows that Australians aren’t contributing to their future because they can’t afford to, don’t have the time, or believe setting up contributions is too hard,” he says.
“Intrust Super has been working tirelessly to provide a seamless service that will give Australians a solution to many of these issues.
“It is all about helping everyday Australians grow their super savings without even having to think about it.
“If we can help them make sense of their super now, it could add up to thousands of extra in retirement savings for their futures. Every little cent counts,” Mr O’Farrell concluded.