Government intervention in super a ‘low priority’ for consumers

Access to healthcare and the cost of living rank higher, according to a recent survey.

The Association of Superannuation Funds of Australia (ASFA) has released consumer research that found Australians did not consider changes to superannuation to be a top priority compared to other national issues.

“When a full list of national issues were prompted to respondents, [only] 2 per cent of Australians said that they would rank further regulation of the industry as a top priority,” the ASFA research stated.

When respondents were asked to give their priorities for the Australian government right now, only 4 per cent of respondents said they had concerns about their pensions and superannuation.

“During focus groups, participants said they did not feel changes to superannuation rules was a top priority, and that any concern was dwarfed by bigger concerns like climate change, the economic recovery, housing and the cost of living,” the research report said.

When provided with a full list of national issues, the top-ranking issue was improving access to healthcare and reducing wait times, followed by reducing the cost of everyday living.

The research also indicated that a majority of respondents did not support early access to super.

Almost two-thirds of respondents, or 63 per cent, agreed that saving was hard, and therefore strict rules were needed to ensure that people have enough money to retire on.

Just over half of Australians, or 58 per cent, stated that giving people access to their super undermines the fairness of the system.

 

 

Miranda Brownlee

30 March 2022

smsfadviser.com

More Articles

Why crypto treads an uncertain path through tax minefield

The taxation of digital assets used for lending and borrowing would benefit from clear-sighted...

Read full article

Wheat Production by Country

Check out the countries that produce the most...

Read full article

Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’

Following years of mixed messaging, Labor has bowed to economic pressure and announced changes to its stage...

Read full article

Investment and economic outlook, January 2024

Region-by-region economic outlook and latest forecasts for investment returns. . What might shipping...

Read full article

Quarterly reporting regime means communication now paramount: expert

Communication between SMSF trustees, accountants and advisers is more crucial than ever with the quarterly...

Read full article

Four timeless principles for investing success

Investing success can mean different things to different people. Being clear on what success means for you is...

Read full article

Plan now to take advantage of 5-year carry forward rule: expert

This is the last year that the five-year catch-up contribution rules for concessional contributions can be...

Read full article

Super literacy low for cash-strapped

Financial literacy around superannuation is poor for many lower-income people, who still question why they...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^