The future of super is more super
Industry Super Australia is fighting hard to ensure the super guarantee lifts to 12 per cent by 2025.
It's doing so with a new campaign highlighting how much more Australians will have in their retirement nest eggs when the super rate increases.
“With the super rate set to increase, Australians need to know that their future is more super,” said Industry Super Australia chief Bernie Dean.
“Increasing awareness about the promised increase to the super rate will give more Australians confidence about retirement and help them get the maximum value out of every extra dollar.”
A 30-year-old worker earning an average wage would stand to gain more than $85,000 in extra super by the time they retire, says ISA.
Independent research shows awareness of the current super rate and the fact that it is scheduled to increase is very low, meaning a majority of workers are not aware their super is about to get a big boost.
Research shows just 32 per cent of people are aware of the current super rate of 9.5 per cent, while only 11 per cent are aware it is legislated to increase to 12 per cent by 2025. Less than 10 per cent can correctly identify both the current rate, or the scheduled increase.
Many Australians are worried about how they will make ends meet in retirement, so increasing awareness of the boost to super coming their way is critical for retirement planning.
It is hoped that increasing the super rate to 12 per cent will help ease pressure on the Age Pension.
“For those Australians worrying about their future – stop. Soon you’ll see more money going into your super account and you won’t have to do a thing,” said Mr Dean.