A large majority of older Australians strongly support the superannuation system and want to see it protected and improved, according to new national research from National Seniors Australia (NSA) and the Super Members Council (SMC).
The survey of over 3,000 Australians aged 50 and older found 79% view super as “very important” to their retirement, and nearly 90% believe it should be preserved strictly for that purpose.
NSA CEO Chris Grice said the research shows both appreciation for the current system and a willingness to see it strengthened through practical reforms.
“Older people value superannuation and strongly support its underlying principles of universality, compulsion, preservation and concessional taxation,” Grice said.
“While the fundamentals are strong and should be maintained, there is support for sensible changes to make super even better among retirees and those preparing for retirement.”
One key reform supported by respondents is the ability to make direct contributions into a retirement account, with 78% backing the move to reduce duplication, extra fees, and administrative complexity. Currently, retirees who want to top up their super must maintain an additional accumulation account.
The survey also revealed overwhelming concern over early access to super, with 88% worried about its impact on long-term financial security and future reliance on the Age Pension. These concerns were especially focused on Australians with lower balances.
SMC CEO Misha Schubert said older Australians are clear about the need to preserve the integrity of super.
“Super is Australians’ precious income to live on in retirement, not a band-aid for cost-of-living pressures or enabling early withdrawals that would just whack up house prices,” Schubert said. “We urge policymakers to listen to older Australians and keep super safe for future generations.”
Nearly 90% of older Australians support preserving super strictly for retirement, and 70% said they would not have saved enough without the compulsory system.
While confidence in the strength and sustainability of the system remains high, the research showed that many older Australians are less certain about its fairness. Women, those in poorer health, and people with less education were significantly more likely to view the system as inequitable.
“Australia’s super system is the envy of the world,” Schubert added, “but there is more to do to make it even fairer and ensure it works as strongly as it can for every single Australian in the system.”
Grice agreed that flexibility is a key strength of super and must be preserved. “Superannuation helps people meet diverse needs as they age… that flexibility must be maintained,” he said.
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Ritchelle is a Content Producer for Healthcare Channel, Australia’s premier resource of information for healthcare.
