How the pandemic is affecting superannuation engagement
/New State Street research offers some insights into what Australians have been considering during the pandemic.
Key findings include:
People have been more likely to check their superannuation and change investment strategies
About 42 per cent of Australians have been negatively impacted financially by the pandemic
Jobs and wages have been affected
There is a general lack of retirement confidence, which is not a direct result of the pandemic - it only exacerbates long-standing issues of lack of savings and retirement uncertainty
Most expect the financial impact of the pandemic to be short-lived, action is already being taken
Compared to the rest of the world, more Australians have checked their superannuation balances more regularly, switched to lower-risk investments and started drawing down their super assets early
Australian superannuation savers showed an ‘appreciation’ for lower volatility strategies and companies with responsible management in regard to the crisis
Forty-two per cent of those surveyed are feeling pessimistic about their retirement, however this looks basically the same as a 2018 study which had the same results
