Using superannuation to buy a home

Mar 17, 2015

Q. Do you think people should be allowed to access their superannuation to buy a home or should superannuation be preserved for retirement?

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote Other

 

Aged 18-34

Aged 35-54

Aged 55+

Should be allowed to use to buy a home

41%

38%

42%

50%

39%

45%

44%

31%

Should be preserved for retirement

46%

52%

47%

32%

49%

36%

44%

62%

Don’t know

13%

10%

10%

19%

12%

19%

12%

7%

41% think that people should be allowed to access their superannuation to buy a home and 46% think that superannuation should be preserved for retirement.

Those most likely to think people should be allowed to access their superannuation to buy a home were aged 18-24 (49%), Greens voters (50%) and university educated (45%).

Those most likely to think superannuation should be preserved for retirement were aged 55+ (62%), Labor voters (52%) and incomes over $1,600pw (53%).

Change to superannuation

Sep 16, 2014

Q. As part of the agreement to dump the mining tax, increases to compulsory superannuation have been deferred. Instead of increasing to 12% by 2019 they will remain at 9.5% until 2020. Do you approve or disapprove of this change to superannuation? 

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote other

 

Work full time

Work part time

Total approve

29%

14%

56%

15%

22%

27%

37%

Total disapprove

49%

66%

25%

72%

53%

53%

46%

Strongly approve

8%

4%

16%

1%

8%

6%

13%

Approve

21%

10%

40%

14%

14%

21%

24%

Disapprove

23%

27%

17%

27%

25%

25%

23%

Strongly disapprove

26%

39%

8%

45%

28%

28%

23%

Don’t know

23%

21%

18%

12%

24%

19%

18%

29% approve the recent change to superannuation and 49% disapprove.

Those most likely to approve were Liberal/National voters (56%) and aged 65+ (44%).

Impact of superannuation changes on salary increases

Sep 16, 2014

Q. Do you expect that, as a result of superannuation increases being deferred, workers will now receive larger salary increases? 

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote other

 

Work full time

Work part time

Yes

10%

9%

14%

8%

5%

13%

7%

No

65%

68%

60%

83%

77%

70%

66%

Don’t know

25%

23%

26%

9%

18%

17%

27%

Only 10% believe that as a result of superannuation increases being deferred, workers will now receive larger salary increases.

13% of full-time workers and 7% of part-time workers believe workers will now receive larger salary increases.

Compulsory superannuation

Sep 16, 2014

Q. Do you think it should be compulsory to contribute to superannuation or should workers be able to do whatever they want with their income? 

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote other

 

Work full time

Work part time

Superannuation should be compulsory

61%

65%

65%

66%

47%

60%

59%

Workers should be able to do whatever they want with their income

31%

30%

29%

25%

48%

33%

29%

Don’t know

8%

5%

6%

9%

6%

7%

12%

61% believe that superannuation should be compulsory and 31% think workers should be able to do whatever they want with their income.

Those most likely to oppose compulsory superannuation were aged 35-54 (37%) and other party voters (48%). There was little difference across incomes.

Increase in superannuation or salary

Sep 16, 2014

Q. Which would you rather have – a salary increase or an increase in superannuation contributions – or does it make no difference to you? 

 

Total

 

Income less than $1,000

pw

Income $1,000-$1,600

pw

Income over $1,600

pw

 

Work full time

Work part time

Salary increase

42%

40%

46%

39%

44%

36%

Super contributions

29%

28%

28%

32%

30%

26%

No difference to me

23%

24%

23%

22%

21%

32%

Don’t know

6%

8%

4%

6%

5%

9%

Based on fulltime and part-time employees. Sample = 565

42% of workers said they work prefer a salary increase, 29% an increase in super contributions and 23% said it would make no difference.

There were not major differences across income groups. However, part-time workers were a little more likely to say it makes no difference and a little less likely to prefer a salary increase.

Type of superannuation fund

Jul 22, 2014

Q. What type of fund is your main superannuation fund?

 

Total

 

Men

Women

Aged

18-34

Aged

35-54

Aged 55+

An industry fund

39%

37%

41%

42%

44%

28%

A retail fund

19%

20%

18%

15%

23%

18%

A self-managed fund

9%

10%

8%

6%

9%

12%

Don’t know

15%

16%

15%

23%

14%

6%

Don’t have any superannuation funds

18%

18%

18%

14%

9%

35%

39% say their main superannuation fund is an industry fund, 19% a retail fund and 9% a self managed fund.

48% of those aged 25-44 are in an industry fund, and 23% of those aged 35-54 are in a retail fund. 13% of those aged 55+ have a self-managed fund.

47% of those aged 65+ say they have no superannuation fund.

Superannuation fund fees

Jul 22, 2014

Q. Do you know how much you are paying in fees each year to your superannuation fund? 

 

Total

 

Men

Women

Aged

18-34

Aged

35-54

Aged 55+

 

Industry fund

Retail fund

Self-managed

Yes, I know exactly

18%

 

22%

15%

9%

18%

35%

17%

21%

46%

Yes, I know approximately

41%

 

42%

41%

38%

41%

46%

43%

51%

40%

No, I don’t know

40%

36%

44%

53%

41%

19%

41%

28%

14%

18% say they know exactly how much they are paying in fees to their superannuation fund, 41% know approximately and 40% don’t know.

Those more likely to not know how much they were paying in fees were aged 18-34 (53%) and those with lower education levels (49% of those with no post-secondary education).

Value of superannuation

Apr 8, 2013

Q. Which of the following statements is closest to your view?

 

Total

Vote ALP

Vote Lib

Vote Greens

Men

Women

Aged 18-34

Aged 35-54

Aged 55+

Contributing to superannuation is the best way to prepare for retirement

51%

53%

49%

63%

53%

49%

46%

48%

62%

There are better ways to prepare for retirement such as investing and buying property

34%

34%

37%

24%

35%

33%

38%

37%

23%

Don’t know

15%

13%

14%

13%

12%

18%

16%

15%

15%

 

51% agreed that contributing to superannuation is the best way to prepare for retirement and 34% agreed that there are better ways to prepare for retirement.

Highest support for contributing to super came from Greens voters (63%), aged 55+ (62%) and incomes $1,000-1,600 pw (59%).

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