CT Group’s focus group study uncovered Australian consumers’ knowledge, comprehension, convictions and sentiments towards superannuation.

The consensus among participants was that establishing a goal for superannuation, emphasising the provision of income during retirement, would benefit Australians.

Additionally, there were sentiments calling for more control over where and how their funds are invested.

Participants favoured the superannuation wording objective to be tailored towards achieving a comfortable retirement lifestyle.

Blake Briggs, CEO of FSC, stated that Australians are united in their commitment to ensuring the superannuation system is tailored for retirement purposes alone.

“Although up until now there has been no legal objective set for superannuation in Australia, Australians understand the purpose of their investments and are concerned that setting an official goal will lead to political motivations such as investing revenue into national construction projects,” Briggs said.

“Over the upcoming ten years, three million more Australians will retire, and it is thus imperative that the Government’s consultation on superannuation system objectives reflects what everyday Aussies want.”

Briggs urged the government to take advantage of this chance and develop a clear definition that every Australian can comprehend, emphasising that the super industry agrees.

“Establishing a concrete objective for superannuation would create more stability in policy settings and end the endless tweaking which erodes trust in the system,” Briggs concluded.

Australians’ retirement savings must be protected, and a well-defined superannuation objective is necessary to guarantee Australians a comfortable lifestyle during their retirement years.

Superannuation providers should keep this sentiment in mind as they continue to work towards providing the best possible solutions for Australians entering retirement. With the right superannuation objectives, Australians can look forward to a secure and comfortable retirement.