Super fund members have shown “overwhelming” support for Australia’s compulsory super system, according to findings from a survey conducted by the Association of Superannuation Funds of Australia.
Ninety-eight per cent of the 2023 ASFA Super Fund Member Survey respondents considered that the current coverage of compulsory superannuation is about right or should be extended. The majority of superannuation fund members think the system should be extended.
Some 88 per cent respondents considered that self-employed people should be brought into the compulsory superannuation system, including many respondents who considered themselves as self-employed. This is an almost identical result to a previous ASFA survey of consumers.
Around two-thirds of respondents considered themselves needing annual expenditure consistent with, or exceeding, the ASFA Comfortable Standard to maintain their desired living standard in retirement. In the 2022 December quarter, the ASFA Comfortable Standard annual budgets are $69,691 for a couple and $49,462 for a single person.
The ASFA super fund member survey was undertaken in February 2023. The survey size is around 400 people.
The ASFA consumer survey was undertaken in January 2022. The survey size is around 1,000 people.
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