The Consumer Financial Confidence Survey found 48 per cent of Australian consumers were uncertain about their retirement savings.
“Approximately half of Australians (48 per cent or 7,107,000) are not confident they have their super sorted out,” a statement from ASIC said.
The regulator said, however, while this number improved “with age”, 29 per cent of Australians aged over 50 had either not sorted their superannuation or didn’t know if it was sorted.
“Under 50s were much less likely to be confident their super was sorted, compared to other age groups,” a statement from ASIC said.
For Australians aged 16 to 24 ASIC said that only 39 per cent of them were confident in their super being sorted.
Confidence improved for Australians aged between 25 to 49 at 41 per cent, however ASIC said Australians aged 50 and over showed the highest level of confidence at 72 per cent.
The regulator also pointed out that the 67 per cent of Australians (9,413,000) who last joined a superannuation fund did not seek independent expert advice.
“[Although] among those that did, 67 per cent were confident their superannuation was sorted out, compared to only 49 per cent of all Australians who feel this confidence,” ASIC said.
“It can be inferred that those who got advice, received value and confidence out of it,” it said.
