Andrew C. Worthington
Knowledge and Perceptions of Superannuation in Australia
Griffith University
least squares binary logit models used predict knowledge perceptions superannuation private pensions australia basis demographic socioeconomic financial characteristics data drawn anz survey adult financial literacy australia relates 2516 superannuation fund members knowledge superannuation defined amongst things terms understanding superannuation fees charges statements recognising voluntary compulsory nature additional employee employer contributions aware lower taxation superannuation compared investments factors examined include gender age ethnicity occupation educational level family structure along household income savings debt terms specific superannuation knowledge substantially half respondents knew employers obliged make contributions behalf employees employees make additional voluntary payments payments slightly half knew superannuation taxed lower rate investments however onethird fund members knew read understand statements approximate rate contribution employers required make behalf worked much needed save retirement overall 60 respondents could correctly answer 50 less questions posed evidence also suggests knowledge superannuation unevenly spread across respondents knowledge generally lowest females nonenglish speaking background low levels education persons aged less thirty knowledge generally better professionals aged 40 nearing retirement university educated models best predict compulsory nature employer contributions voluntary nature employee contributions knowledge government make gap arising failure undertake retirement planning