Another warning on super policy tinkering
New research undertaken by Suncorp Life has confirmed the degree to which Australians have become unsettled by constant changes to the underlying superannuation policy regime.
The research, released to Money Management, revealed 64 per cent of respondents felt continual changes to policy were eroding their confidence in superannuation.
As well, the survey revealed that the level of concern about Government super tinkering rose with the age of those affected, with baby boomers being most concerned, although Generation X was only slightly less worried.
The survey also revealed that men tended to be substantially more concerned about such changes than were women.
It revealed that 75 per cent of baby boomer men were concerned about super tinkering, compared to 69 per cent of Generation X men and 59 per cent of those in Generation Y.
The survey results have come at the same time as industry spokesmen are expressing concern about possible changes to super in next Tuesday's Budget, and as the Minister for Financial Services, Bill Shorten, has sought to establish a committee to oversee the establishment of a Council of Super Guardians.
Commenting on the survey results, Suncorp Life chief executive Geoff Summerhayes said that in circumstances where Australians compulsorily put 9 per cent of their salaries into super, continual changes to the regime were not helpful to their confidence.
He said the survey results indicated the degree to which Australians deserved to be able to have confidence in the stability of the system.
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