A survey conducted by the Financial Services Council (FSC) and ING DIRECT has found that an overwhelming majority of super members support an increase in compulsory contributions to 12%.
The survey titled Superannuation – Australia’s View indicated that out of the 1000 people surveyed, 83% said that they supported the rise in contributions and 89% supported compulsory superannuation in general.
As an indicator that the superannuation system is effectively doing its job John Brogden FSC chief executive has indicated that, “this is sound evidence that our superannuation system is working well and is on track to achieve its goals and added that, “It is clear that consumers want stability in the superannuation system and for compulsory superannuation savings to continue to increase to 12 per cent.”
Meanwhile, ING DIRECT chief executive Vaughn Richtor said: “we would encourage people to learn more about their super fund, its performance and fee structure to ensure it is the best fund for their own circumstances.
Both executives have echoed the importance of members seeking financial advice and Richtor reiterated that, “superannuation will be the biggest investment many Australians will make during their lifetime. With many consumers in default funds, it is critical that MySuper does not create a set and forget mentality.”