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Time to take an interest in super savings

By Liz Maroney, Westlawn Wealth Adviser
10 December 2013

Recently, Roy Morgan Research released its latest report into Australia’s superannuation and wealth management industry … and it appears from the research that many of us aren’t taking our super savings as seriously as we should.

The Superannuation and Wealth Management Report found that only one in four Australians feel they have enough super to be financially secure in the future. Interestingly, members of industry super funds are the least likely to believe they have planned enough for their retirement. Perhaps not so surprising, however, is that 55% of self managed super fund (SMSF) members feel confident about their future financial security.

Alarmingly, the report also found that many Australians remain somewhat uninterested in their super savings. Over the past 5 years, a staggering 85% of superannuation funds were chosen by employers. This is despite Choice of Fund legislation allowing employees to choose their own super fund in most cases.

This report highlights the low level of engagement with our own super savings. But, you can take action now to ensure you are not one of the 75 percent of Australians who feel they won’t be financially secure in retirement.

Start by finding lost super from previous employers and consolidating into a current super fund. Remember, you can direct your employer to make super contributions to your choice of fund. Next, review your investment options. Depending on your fund, you’ll generally have a wide choice of investment options available to you. Also consider making additional contributions, through salary sacrifice arrangements with your employer or through the government’s co-contribution scheme.

One final statistic from the report: only 11% sought professional advice from a financial planner or adviser. Perhaps it’s time to seek advice on securing your financial future.

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