The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten MP, today announced the public release of research into community values and attitudes towards superannuation.
The research, by independent market research company Colmar Brunton, found there is universal concern that 9 per cent of salary is unlikely to be sufficient to allow people adequate funds for retirement. There is recognition that people are living longer and are incurring higher medical costs.
Australians support compulsory retirement savings and almost one third (29 per cent) are not confident they will have enough retirement savings. A further 35 per cent are neither confident nor unconfident.
"This research underscores the need for the Government's wide-ranging reforms to boost Australians' retirement savings, a cornerstone of which is increasing the superannuation guarantee from 9 per cent to 12 per cent."
"While the research indicates that attitudes to super are mostly positive, it also highlights that consumers generally find information about superannuation to be confusing, too complex and full of impenetrable technical language. This is why I am pushing ahead with our election commitments to make Australia's superannuation system even easier and more user-friendly for consumers."
"It is why we are introducing MySuper and looking at ways to improve the day to day administration of superannuation," Mr Shorten said.
The research was commissioned by the Government in 2009 and conducted by Colmar Brunton in 2009 and 2010. It involved 16 focus groups, 52 in-depth interviews and over 2400 telephone interviews of consumers, employers and stakeholders.
"In light of this significant research, the Super System Review chaired by Jeremy Cooper and other related reviews, the Government looks forward to embracing opportunities and delivering improvements to the superannuation system for all Australians."
"Unlike the Coalition, who don't appear to have any sort of plan for superannuation, the Gillard Labor Government will boost the retirement incomes of working Australians through a series of sensible reforms."
"These improvements to superannuation will be good for individuals and good for us as a country. This is simultaneously about a more comfortable and secure retirement while growing an even bigger savings pool that can be invested in nation building projects," Mr Shorten said.
The research can be found at www.treasury.gov.au
24 October 2010