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How super is your superannuation?

Tags Retirement Planning Retirement Savings Financial Health Barometer
Category Financial Health Barometer
2017 Financial Health Barometer Super and Retirement Report

Since 1992, the Super Guarantee has ensured most Australians have compulsory super saved up for their retirement. In light of the raft of changes to the Australian superannuation system come 1 July,  do you know how much savings do we really need to retire? As it turns out, there are significant gaps between Aussies' expectations and reality when it comes to finances needed in retirement.

Research from our 2017 RaboDirect Financial Health Barometer on super and retirement uncovered gender and generational gaps across the nation:

  • Overall, 69 per cent of Australians surveyed who make voluntary contributions to their super are twice as likely to believe that their superannuation will adequately fund their retirement and on average are $200,000 better off at retirement. 
  • Gen Y is demonstrating the most positive savings behaviour, with 40 per cent making voluntary contributions to their super, followed by 31 per cent of Baby Boomers and 25 per cent of Gen X. Seventy one per cent of Gen Y have used or expect to use a financial planner and on average expected to work only until they’re 60. 
  • The super gap between men and women remains, with women expecting to have nearly $200,000 less at retirement then men. However, women are more likely to use a financial planner (30% versus 23%), which will help to build their super strategies. 
  • Both non-retirees and retirees say that staying healthy and active is a top goal for their retirement, followed by spending time with family, and maintaining a comfortable lifestyle so they’re not short of money. 
Find out more facts and figures on Aussies and super, plus tips on how you can improve your savings for retirement, in the 2017 RaboDirect Financial Health Barometer Super and Retirement Report.