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LESS WEALTHY AUSTRALIANS LACK CONFIDENCE IN RETIREMENT, SEEK BETTER AND MORE
REGULAR INFORMATION FROM SUPER FUNDS


QANTAS SUPER CSBA RETIREMENT CONFIDENCE INDEX

Home News Less wealthy Australians lack confidence in retirement

Print

April 23, 2020

KEY POINTS

 * Five segments of super fund members have been identified from the Qantas
   Super CSBA Retirement Confidence Index (RCI) data collected over the last two
   years: Confident Empty Nesters, Middle Class Families, Aspiring
   Up-and-Coming, Working Class and Survivors
 * Each segment has vastly differing levels overall of both confidence in a
   comfortable retirement and interaction with their superannuation
 * The RCI shows 7.4 million Australians with lower personal wealth – the
   Working Class and Survivors – have low confidence in a comfortable
   retirement, rating their confidence as less than three out of 10
 * Australians of lower personal wealth were also less engaged with their
   superannuation, with just 52 per cent of Working Class and 42 per cent of
   Survivors interacting with their superannuation more than once a year
 * By comparison, almost 80 per cent of wealthier Australians interacted with
   their super twice or more a year, including 69 per cent of Confident Empty
   Nesters and 81 per cent of Middle Class Families
 * Middle Class Families and Confident Empty Nesters combined rated their
   retirement confidence at over seven out of 10, significantly higher than
   their less wealthy counterparts
 * The RCI research shows that at the baseline, super funds need to provide more
   regular updates to positively engage with their members

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.”

SegmentRetirement Confidence Average^"I trust my super fund to act in my best
interest"*Confident Empty Nesters7.569%Middle Class Families6.874%Aspiring
Up-and-Coming6.062%Working Class2.858%Survivors1.436%All5.160%

 * Confident Empty Nesters
   
   Retirement Confidence Average^7.5
   "I trust my super fund to act in my best interest"*69%
 * Middle Class Families
   
   Retirement Confidence Average^6.8
   "I trust my super fund to act in my best interest"*74%
 * Aspiring Up-and-Coming
   
   Retirement Confidence Average^6.0
   "I trust my super fund to act in my best interest"*62%
 * Working Class
   
   Retirement Confidence Average^2.8
   "I trust my super fund to act in my best interest"*58%
 * Survivors
   
   Retirement Confidence Average^1.4
   "I trust my super fund to act in my best interest"*36%
 * All
   
   Retirement Confidence Average^5.1
   "I trust my super fund to act in my best interest"*60%

^Results are based on the past seven survey waves (n=7,111)
*Percentage who strongly agree or agree. Results are based on the August 2019
wave (n=1,018)

MEMBERS SEEK CLEARER INFORMATION – AND MORE OF IT

One in three (33 per cent) members in the Working Class and just over one in
five (22 per cent) Survivors said more updates and information from their fund
would encourage more active interaction.

Around a quarter (26 per cent) of the Working Class also sought personalised
service that met their individual needs and life stage, whereas 25 per cent of
the younger Survivors segment said making super easier to understand would
motivate more interaction.

“Easier access to superannuation advisers to answer basic questions, and who can
provide affordable financial advice, for example, would be of tremendous value
to working class families who want more tailored service,” said Mr Clancy.
“We’ve found such personalised guidance has been extremely popular with our own
members.”

“For young adults in particular – both the Aspiring Up-and-Coming (younger,
well-educated and more confident about the future) and Survivors – funds can
make superannuation easier to understand, for example with easy to digest and
relevant content.”

COVID-19 IMPACTS ALL AUSTRALIANS

Even Middle Class Families and Confident Empty Nesters face an uncertain future.
Their retirement confidence is highly correlated to external factors that affect
their investments, such as a strong share market and a healthy economy and super
balance – all of which have been shaken by the COVID-19 crisis.

“Many with higher personal wealth have invested in shares and property markets
that could be volatile for some time,” said Mr Clancy.

“The research shows Australians of all wealth levels would interact with their
super funds more if they received more information and regular updates.
Engagement, advice and education are now more important than ever.

“Many funds have investments that are well diversified and high quality, with
excellent liquidity that can withstand the ongoing market uncertainty. Those are
positive and important facts that super funds should not hesitate to tell their
members.”

RELATED ARTICLES


March 14, 2019
Retirement


5 STEPS TO IMPROVE RETIREMENT CONFIDENCE

Research reveals women continue to lag well behind men in all aspects of
retirement confidence and preparedness. Read about five simple steps that can
help you improve your retirement preparations and confidence.

Read article
August 2, 2018
Retirement


WHY RETIREMENT COACHING IS IMPORTANT

We interview a former investment specialist who is now a retirement coach to
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Read article

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