The majority of Australians (87 per cent) trust themselves to choose the right retirement product over the government, a Financial Services Council poll has found.  

Conducted by the CT Group with over 2500 Australians, close to three quarters (70 per cent) said they trust themselves over their superannuation fund to make decisions about which retirement products to use.   

In particular, 77 per cent of Australians who are between 45 to 55 years old (a cohort on the verge of retiring) said they would prefer to have more control over their retirement savings instead of using a standardised retirement product. 

The findings also include:  

  • 73 per cent of Australians trust their superannuation fund over the Government; 
  • 76 per cent of Australians support superannuation funds being able to provide consumers with basic advice and guidance about which retirement products to choose based on their personal circumstances and goals; and  
  • 79 per cent of those approaching retirement (55- to 64-year-olds) support retirement advice being provided by their superannuation fund. 

The study came after the Treasury proposed the idea of creating a default retirement product like accumulation phase’s MySuper to improve retirement outcomes.