After superannuation funds were hammered at the hands of the global economic downturn, it seems Western Australians are the most reluctant to believe their retirement nest eggs will ever return to their former glory, a survey has found.
After superannuation funds were hammered at the hands of the global economic downturn, it seems Western Australians are the most reluctant to believe their retirement nest eggs will ever return to their former glory, a survey has found.
Western Australians are the least confident of all Australians that they'll have enough super to support their current lifestyle when they retire, according to the Suncorp WealthSmart Survey.
After Suncorp asked Australians about their attitudes towards super and their level of concern about having enough money to retire, 38 per cent of those surveyed here in WA said they won't have enough to retire on but didn't know what to do about it.
And 91 per cent of respondents in WA agreed the global financial crisis had affected their super balance, the largest result in all of Australia.
Suncorp head of super & investments, Vicki Doyle said none of the Western Australian respondents were confident they'd have enough super to retire and continue to support their current lifestyle.
"People living in WA were more worried about having enough money to retire on (63%) than losing their home (20%) or their job (16%) in the current financial downturn, and one in three said they knew their super wouldn't be enough to retire on but they didn't know what to do about it," she said in a statement.
"It's vital that more people feel confident and comfortable about their super and when they feel uncertain they have a place to go to ask for help."
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Western Australians not Super Confident
Western Australians are the least confident of all Australians that they'll have enough super to support their current lifestyle when they retire, a recent survey by Suncorp has found.
The Suncorp WealthSmart Survey* conducted by TNS, asked Australians about their attitudes towards super and their level of concern about having enough money to retire.
Speaking in Perth today Suncorp Head of Super & Investments Vicki Doyle said none of the Western Australian respondents were confident they'd have enough super to retire and continue to support their current lifestyle.
Ms Doyle said the survey also found Western Australians were generally confused and concerned when it came to superannuation.
"People living in WA were more worried about having enough money to retire on (63%) than losing their home (20%) or their job (16%) in the current financial downturn, and one in three said they knew their super wouldn't be enough to retire on but they didn't know what to do about it."
Other key findings from the Western Australians surveyed:
91% agree the global financial crisis had affected their super balance (the highest result in Australia)
52% find super complicated
49% feel super is out of their control
40% don't feel they have a good understanding of super
38% said they won't have enough to retire on but didn't know what to do about it
25% have no idea what their super balance is
"For most Western Australians superannuation will be one of the largest investments they make in their lifetime, yet one in four people don't know what their super balance is and one in seven admit they haven't read their Product Disclosure Statement," Ms Doyle said.
That lack of understanding was no reflection on their level of intelligence, it was the result of an industry that spoke the 'dialect of super', Ms Doyle said, "A language that's full of gobbledegook and is incomprehensible to the majority of its customers."
She said the industry had a responsibility to start talking to people about their money in ways that made sense to them.
"Phase One of the Federal Government's Super System Review kicked off this week and will provide a good opportunity to force this issue into the public arena.
"It's vital that more people feel confident and comfortable about their super and when they feel uncertain they have a place to go to ask for help."
*About the Suncorp WealthSmart Survey: The survey was conducted by TNS in April 2009. It surveyed 1802 people throughout Queensland, NSW, ACT, Victoria, Western Australia, South Australia, the Northern Territory and Tasmania.
