The FSC has released consumer research that found strong support for legislating an objective for superannuation, providing that it focuses on delivering retirement income for all Australians.
In December 2022, four focus groups were undertaken by CT Group in the electorates of Bennelong, Reid, Parramatta, and Gilmore. Two groups included participants under 40, and the other two groups had participants over 40. They were all asked about awareness, understanding, beliefs, and attitudes towards the objective of superannuation.
Findings from the participants included:
- Legislating an objective for superannuation would serve Australians better; and
- While the objective should focus on delivering income in retirement, people also want to have a say in where and how their money is invested.
The participants also preferred wording specific to achieving a certain standard of living in retirement.
All focus groups favoured the industry-backed proposed objective:
“To provide an adequate income in retirement to ensure all Australian achieve a comfortable standard of living in retirement, supplementing or substituting the aged pension”