Page 33 - How Australia Retires

32 Vanguard | How Australia Retires

1 in 2 Figure 11. How confident respondents feel towards retirement, by additional
superannuation contribution type
Australians are unsure
what they pay in Net: Extremely/Very Confident 44% 42% 23%
superannuation fees Net: Slightly/Not at all 17% 22% 39%

Australians are generally not
well aware of the fees they are 13% 11% 7%
paying or what their current 17%
superannuation balance is –
indicating low levels of engagement 31% 31%
with their superannuation funds.
38%
The low level of engagement with
superannuation funds and lack of
understanding is evidenced by 1 in 39% 35%
4 Australians being unsure of their 20%
current superannuation balance
and 1 in 2 being unsure of the fees 14%
paid on their account. 12% 19%
5% 8%
Compounding this is the lack of Regular additional Irregular/one-o No additional
direct contact between member contributions additional contributions or
and superannuation fund. 1 in 2 contributions unsure
working-age Australians have Extremely confident Positive significant di erence
either not made contact in the compared to the total
last 12 months or indeed never Very confident
made contact at all. For retirees, Moderately confident Negative significant di erence
this is even higher at almost 3 compared to the total
in 4 having not made contact in Slightly confident
the last 6 months. This includes Not at all confident
contact through any form of
engagement such as accessing the Q. Have you made additional contributions (above the standard amount your
superannuation fund’s website, employers pays) into your superannuation as part of your retirement plan?
sending an email, speaking to
staff via telephone or in person Note: Percentages within a metric may not add up to 100 due to rounding.
or through social media for both
working-age Australians and
current retirees.