Retirement
Australians wary of super funds making a profit
A survey has found that a majority of Australians dislike the idea of superannuation funds turning a profit.
Australians wary of super funds making a profit
A survey has found that a majority of Australians dislike the idea of superannuation funds turning a profit.
The survey, which was conducted on behalf of industry fund lobby group the Australian Institute of Superannuation Trustees (AIST), found that 91 per cent of respondents think default funds should be not-for-profit.
The Essential Media poll was based on 1,014 respondents gathered from Your Source’s online consumer panel of 100,000 members.
Seventy-one per cent of those surveyed objected to employers being able to use a default fund that is associated with their bank.
AIST chief executive Eva Scheerlinck said superannuation members’ interests should come ahead of incentives – such as “access to overdrafts of loans at cheaper rates” – offered by banks.
The poll also revealed a lack of knowledge about default funds and their place within enterprise agreements.
“When it comes to trust and reputation, profit-to-member funds are miles ahead, but issues such as poor financial literacy and lack of confidence remain a challenge,” Ms Scheerlinck said.
“One in four people surveyed don’t know if they are in a default fund or not.”
Women are less likely to choose their own fund than men, but women are more likely to take their old fund across to a new employer when they change jobs, the study found.
“Changes to how default super funds are selected have the power to impact millions of super fund members, particularly women who are less likely to choose their fund,” Ms Scheerlinck said.
“We need to make sure that our default fund selection process is going to work for members, not just make money for shareholders somewhere.”
RELATED ARTICLES
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
