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Super more valued in post-pandemic world, new data reveals

By Jessica Penny
2 minute read

Almost half of Australians have made voluntary contributions to their super over their working life. 

A survey of more than 2,000 people, conducted by Equip Super, found that Australians are beginning to invest more in their super well ahead of their retirement.

Amid the rising cost of living and economic uncertainty, retirement plans have made space at the forefront of many people’s minds, Equip Super revealed.

The report disclosed that out of the 46 per cent of Aussies who have voluntarily contributed to their super, 65 per cent of them have done so before the age of 40. 

“Australians are seeking stability for their future, including their retirement plans, even if they’re many years away,” said Scott Cameron, Equip CEO.

“Making extra contributions to your super is a great way to build towards the retirement you want.”

Moreover, the survey revealed that as many as 39 per cent — nearly two in five — of Australians attributed more importance to their super than prior to the COVID-19 pandemic, with around one-third admitting to thinking about their retirement plans more often. 

Despite being further away from accessing their super benefits, young people (18 to 34 years old) were discovered to have the greatest increase in valuing their super over time. 

Equip Super found that 47 per cent of people in this age group perceived superannuation as carrying more importance today than two years ago, compared to just 30 per cent of those aged 55 and above.

Mr Cameron added: “It’s fantastic to see more and more Australians taking an interest in their financial future, and taking action to boost their superannuation early on in their working life.

“Any small contributions you can make now will add up, and support you when it comes time to retire. There’s no better time to start contributing than the present,” he continued.

Mr Cameron admitted that it can be easy to dismiss retirement planning as something to consider after other major life milestones such as embarking on a career, starting a family or purchasing a property. 

“But the reality is retirement planning should begin early in your career and be revisited throughout your life,” he advised.