Survey finds disconnect between retirement concerns and plans

A survey of more than 1,700 Australians has found a “disconnect” between retirement concerns and retirement plans.

The survey, by industry fund Intrust Super, found 71% of those surveyed felt they would not have enough superannuation for a comfortable retirement.

Intrust Super CEO Brendan O’Farrell said the survey results were “worrying”.

“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,” he said.

“Hardworking Australians have enough on their plates managing the costs of everyday living without having to think about retirement savings.”

Despite believing they won’t have enough superannuation, 72% are not currently making personal super contributions, and “believed they had a hurdle stopping them from doing so,” said Mr O’Farrell. The rules for employees claiming a tax deduction for personal super contributions changed on 1 July 2017.

32% were not planning to ever make personals super contributions.

“This represents a discrepancy between peoples’ anxiety about their retirement futures, and their ability to make real progress towards their futures.”

40% of respondents were interested in making extra super contribution, but weren’t currently.

80% of those who would consider making extra contributions said they couldn’t afford to do so.

A statement from Intrust Super said that the fund was looking to provide a solution to many of the issues revealed in the research, but didn’t give details.

“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,” said Mr O’Farrell.

“Intrust Super has been working tirelessly to provide a seamless service that will give Australians a solution to many of these issues.

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