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Print Despite the COVID-19 causing uncertainty around retirement plans, more Australians are now engaging with their superannuation and are positive about the super guarantee (SG) increase, according to Colonial First State (CFS). A CFS survey undertaken in Greater Sydney with more than 2,000 currently employed Australian workers found that 54% of Australians were now regularly checking their superannuation balances (compared to 42% in 2020), and two-thirds were positive about the changes to SG and concessional contribution caps, with younger workers looking to build their funds through additional contributions. Of those surveyed, 70% of workers were aware that the SG increased from 9.5%to 10% from 1 July. However, the survey found that more than half (55%) did not know about the increase in the annual concessional contribution caps from $25,000 to $27,500, suggesting they were unaware of the financial gains they could make ahead of retirement. ....
Print Despite the COVID-19 causing uncertainty around retirement plans, more Australians are now engaging with their superannuation and are positive about the super guarantee (SG) increase, according to Colonial First State (CFS). A CFS survey undertaken in Greater Sydney with more than 2,000 currently employed Australian workers found that 54% of Australians were now regularly checking their superannuation balances (compared to 42% in 2020), and two-thirds were positive about the changes to SG and concessional contribution caps, with younger workers looking to build their funds through additional contributions. Of those surveyed, 70% of workers were aware that the SG increased from 9.5%to 10% from 1 July. However, the survey found that more than half (55%) did not know about the increase in the annual concessional contribution caps from $25,000 to $27,500, suggesting they were unaware of the financial gains they could make ahead of retirement. ....
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