An industry survey has revealed a majority of Australians remain in favour of an increase in the superannuation guarantee (SG); a result a superannuation chief believes is a key point for policy makers.
The survey, by Core Data Research, examined community attitudes towards superannuation, of which the majority of respondents said an increase to 12 per cent would be affordable for employees and employers.
The results confirmed previous research showing Australians supported the increase in compulsory contributions from 9 per cent to 12 per cent, according to Association of Superannuation Funds of Australia chief executive Pauline Vamos.
"This is a key point for policy makers; having enough to retire on is the main financial concern for households, ahead of other concerns such as paying everyday expenses or losing your job," Vamos said.
"Australians want dignity in retirement and they know that a higher rate of superannuation contributions is needed to support that.
"It was the same [result] last year, so it's two years in a row now [which] is a very important result because clearly people are thinking more about their retirement."
Out of a sample of 1003 people surveyed between the last week in September and early October 2011, 59 per cent thought the increase would be affordable for employees and 55 per cent thought it would be affordable for employers, the report said.
The strongest support came from young workers where around 75 per cent agreed that the increase would improve their retirement.
"[The move] increases productivity ... it contributes to the economy and this is what people have to remember. It is a driver of economic strength," Vamos said.
The proposal to lift the SG would see the increase phased in between 2013 and 2019, meaning only relatively small adjustments in pay over time to offset the increased support contributions.
