A recent survey has found that Australians are in favour of increasing the superannuation guarantee past its current amount of 9.5 per cent. This is in the face of some politicians trying to block the increase.
The research, by UMR and commissioned by Industry Super, Public attitudes to increasing the Super Guarantee July 2019, found that there is very strong support for greater super savings by retirement age.
Key findings of the survey include:
Eighty-seven per cent of those surveyed are in favour of increasing the superannuation guarantee above the current level of 9.5 per cent
One in five said they expected to be comfortable in retirement, with most saying they would need to work longer or rely on the age pensions
Sixty-six per cent of those surveyed worried that we’d all end up footing the bill for each other’s (not so comfortable) retirements via the age pension
Only a third thought opt-out provisions for low income workers or high income earners was a good idea
Fifty-five per cent agreed that in a low wage growth environment, superannuation was a good way to increase overall income
Seventy per cent back the system as a safety net (like Medicare) to provide an essential service to those who need it
Forty-three per cent of those surveyed expect to retire with under $200,000 in their superannuation account