Super gains some traction
ARE you engaged, disinterested, betwixt or super controlled?
These are the new terms coined to describe how people feel about superannuation, according to the first Australian survey to measure knowledge and attitude to saving for retirement.
According to research by the Australian Institute of Superannuation Trustees and Russell Investments, 85 per cent of people now consider super to be important while only 5 per cent considered it of no importance.
Young Australians have a growing interest in super, with almost 50 per cent of 26 to 35-year-olds saying it is very important to them right now.
A further one in three 18 to 25-yearolds also rank super as a priority now.
‘‘ More Australians are tuning into super and we are quite pleased with the level of engagement among young people – it certainly appears higher than a few years back,’’ AIST chief executive Fiona Reynolds says.
Russell Investments managing director Geoff Peck says more and more people also put super ahead of other financial and investment options.
Some 56 per cent of those surveyed said it was more important for their situation to put money into super than to invest directly in the share market.
About 33 per cent said super was more important than property investments and 28 per cent thought it ranked higher than building up savings in a bank or term deposit.