New research conducted by CSBA for Qantas Super shows Australians of lower personal wealth have low confidence in having enough money for a comfortable retirement, with many seeking more information and regular updates about their super.
The RCI released today shows that the Working Class segment (including many middle-aged with low-medium income) rated their retirement confidence just 2.8 out of 10. Survivors (including many young single parents with low income) were even less confident, with an RCI rating of just 1.4 out of 10 .
Australians with such low confidence in their retirement were also less engaged and had lower trust levels in their super fund to act in their best interest. Less than half (48 per cent) interacted with their superannuation more than once a year, compared to almost 80 per cent of wealthier Australians.
Together, these two segments represent an estimated 7.4 million adult Australians.
“All of us in the superannuation industry should be really concerned that millions of Aussies have such little confidence that they will have enough money to have a comfortable retirement,” said Qantas Super CEO Michael Clancy.
“The RCI research shows that Australians with lower personal wealth often aren’t engaged with their funds. Super funds must act to improve their interaction with all of their members, especially the Working Class and Survivors, as the COVID-19 crisis brings so much uncertainty about the future.”