NDLI: Knowledge and Perceptions of Superannuation in Australia

Content Provider	Springer Nature Link
Author	Worthington, Andrew C.
Copyright Year	2008
Abstract	Least squares and binary logit models are used to predict knowledge and perceptions of superannuation (private pensions) in Australia on the basis of demographic, socioeconomic and financial characteristics. The data is drawn from the ANZ Survey of Adult Financial Literacy in Australia and relates to 2,516 superannuation fund members. Knowledge of superannuation is defined, amongst other things, in terms of understanding superannuation fees, charges and statements, recognising the voluntary and compulsory nature of additional employee and employer contributions, and being aware of the lower taxation of superannuation compared to other investments. Factors examined include gender, age, ethnicity, occupation, educational level, and family structure, along with household income, savings, and debt. In terms of specific superannuation knowledge, substantially more than half of respondents knew that employers are obliged to make contributions on behalf of employees and that employees can make additional voluntary payments above these payments. Slightly more than half knew that superannuation is taxed at a lower rate than other investments. However, only one-third of fund members knew how to read and understand their statements or the approximate rate of contribution employers were required to make on their behalf, or had worked out how much they needed to save for retirement. Overall, about 60% of respondents could correctly answer only 50% or less of the questions posed. The evidence also suggests that knowledge of superannuation is unevenly spread across respondents. Such knowledge is generally lowest for females, those from a non-English speaking background, those with low levels of education and persons aged less than thirty. Knowledge is generally better for professionals, those aged over 40 or nearing retirement and the university educated. The models best predict the compulsory nature of employer contributions, the voluntary nature of employee contributions, and knowledge that the government will not make up any gap arising from a failure to undertake retirement planning.
Starting Page	349
Ending Page	368
Page Count	20
File Format	PDF
ISSN	01687034
Journal	Journal of Consumer Policy
Volume Number	31
Issue Number	3
e-ISSN	15730700
Language	English
Publisher	Springer US
Publisher Date	2008-05-29
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Superannuation Retirement income Private pensions Consumer knowledge Commercial Law Economic Policy Marketing Social Sciences
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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