With strong public support for the superannuation guarantee (SG) increase, the majority of employed Australians have also said the increase should be implemented sooner rather than later, the Association of Superannuation Funds of Australia (ASFA) has said.
In a survey conducted by BrandManagement on behalf of ASFA, 60 per cent of respondents said they wanted a quicker implementation period than that outlined by the federal government.
“This is the second year in a row that Australians have shown they have strong support for the SG increase,” ASFA chief executive Pauline Vamos said.
Having enough money to retire on remains a major concern and one that is ahead of everyday expenses and paying off mortgages, she said.
Other key findings from the survey revealed that 67 per cent of respondents were concerned that their super savings would run out before they died, with only 39 per cent agreeing that people should be required to purchase an income stream that lasts until death.
Less than 40 per cent said they would not support foregoing investment choice in return for slightly lower fees and over 75 per cent said employers should be required to use more efficient methods to pay super contributions.
Meanwhile, only 20 per cent of respondents said the current taxation treatment of super was fair, with the main comments saying super is taxed too much, too often and in a complex way.
Over 60 per cent were in total doubt around the stability of super tax arrangements, with 36 per cent indicating they believed tax arrangements would be quite different when they retired and 29 per cent believing they would be very different.
Vamos said the findings demonstrated the importance of stability and certainty for fund members to have confidence in the super system and that there needed to be bi-partisan support for this to happen.
