The Superannuation Across Generations (SAG) survey found that 87% of respondents believe in the value of superannuation as a means to save for retirement. Support spans all age groups, demonstrating broad approval of the system.
Generational Perspectives on Super:
The survey revealed that Baby Boomers (93%) are the strongest advocates for superannuation, closely followed by Gen Z (89%). The Silent Generation (87%), Gen X (84%), and Millennials (83%) also showed strong support, indicating widespread trust across demographics.
How Actively Are Australians Managing Their Super?
Australians are now more engaged with their super than ever, with over a third checking their balance at least once a month—more frequently than they review utility bills, insurance premiums, or entertainment subscriptions. This trend suggests a growing awareness of super’s role in financial security.
However, while monitoring balances has increased, two-thirds of Australians compare their super fund less than once a year, and a quarter admit they have never compared funds. This indicates that while many recognize super’s importance, there is room for improvement in ensuring members are with high-performing, low-cost funds.
The findings underscore the need for Australians to regularly assess their superannuation choices to maximize long-term benefits.
The survey confirms that Australians overwhelmingly value the superannuation system as a key pillar of retirement planning. While engagement with super has risen—evidenced by more frequent balance checks—many still fall short in comparing funds regularly. To fully optimize their retirement savings, Australians should not only monitor their super but also proactively evaluate their fund’s performance and fees. By taking these steps, individuals can ensure they are well-positioned for long-term financial security. The findings serve as both validation of super’s importance and a reminder to stay informed and proactive in managing retirement savings.
