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Australian workers ‘rethinking’ retirement plans amid pandemic

By Neil Griffiths
 — 1 minute read

More Australians are engaging with their superannuation, however the ongoing COVID-19 pandemic is causing uncertainty around retirement plans, according to Colonial First State.

Findings from a new national survey conducted by the super provider found that one in four people are considering delaying their retirement and working for longer.

The survey – taken by 2,000 Australians in early July amid the greater Sydney lockdowns – also found that 54 per cent of people are regularly checking their super balances (up from 42 per cent in 2020).

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Meanwhile, 66 per cent are positive about the recent super guarantee changes. However more than 55 per cent of those who took the survey were not aware of the increase in the annual concessional contribution caps, which CFS suggests means they are “unaware of the financial gains they could make ahead of retirement”.

“More than a year on, the COVID-19 continues to cause financial uncertainty in the lives of many Australians. As a result, people are looking more closely at their finances – including their retirement savings,” CFS chief executive Kelly Power said.

“It’s encouraging to see that Australians increasingly recognise the importance of super as a savings vehicle for retirement and are showing higher levels of engagement, but there is still room for improvement.

“The repercussions of unemployment and lost savings during the pandemic have taken a toll as we can see from our research that a quarter of all Australian workers are rethinking their retirement plans and are considering working longer.”

 

Australian workers ‘rethinking’ retirement plans amid pandemic
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