Australians' sentiment towards superannuation has improved for the first time since the onset of the global financial crisis, but concerns remain around the impact market volatility will have on retirement savings, according to Mercer research.
The superannuation sentiment index, compiled in June this year, found Australians' attitudes towards superannuation had risen by three points to a rating of 40 out of 100, which was in line with the sharemarket performance in the first half of the year.
The survey indicated that the percentage of working Australians who are fairly, very or extremely worried about the impact of sharemarket volatility on their superannuation account balances had risen from 56 per cent in December 2009 to 61 per cent in June 2010.
The level of trust in superannuation has improved as the economy has recovered, with the study indicating 49 per cent of the 1000 respondents believed their main fund is trustworthy, compared to 41 per cent in December 2009.
However, the study showed there was room for improvement in how members are informed about superannuation fees.
"Only half of the people surveyed said they were well aware of the fees and charges applied to their superannuation fund," Mercer partner Heather Dawson said.
"This research highlights the need - and appetite - for superannuation funds to improve member knowledge. This will deliver a twofold benefit - greater empowerment and better retirement outcomes for members and an opportunity to build trust, and ultimately, member loyalty for funds."
The survey findings also indicated nearly 60 per cent of Australians expect to be less comfortable in retirement than they are now.
