Older Australians’ views on the superannuation system

National Seniors Australia, in partnership with the Super Members Council, surveyed over 3,000 older Australians to better understand how the super system is working for them and how it can be strengthened for future generations.

This landmark report shows older Australians place significant value on super in their retirement planning, and back the fundamentals that underpin the system. They also support changes to improve equity and reduce complexity in the system.

Key findings:

• Strong support for the super system’s core principles: Universality (97%), compulsion (96%), preservation (89%), and concessional taxation (94%) all received near-universal endorsement.
• Superannuation is central to retirement planning: 79% said super was “very important” to their retirement, and 76% believed they would not have saved as much without compulsory super.
• Equity concerns persist: Confidence in the system’s equity was lower (60%), especially among women, those in poorer health, and people with less formal education.
• Low support for early access reforms including for a house deposit: 88% of respondents expressed concerns about expanding early access to super, citing risks to low-balance members and future taxpayer costs. Only 17% supported early withdrawal for a house deposit.
• Support for system improvements: 78% backed allowing direct contributions into retirement accounts, and 56% supported increasing the tax rate on earnings above $3 million.