Super survey surprise

MOST Australians do not understand that the decline of sharemarkets could reduce their superannuation account balance, according to a new survey. A survey of 1000 people by investment firm Mercer found 72% expected their super balance to be higher on their next statement despite deepening market turmoil and fears of a banking crisis.

MOST Australians do not understand that the decline of sharemarkets could reduce their superannuation account balance, according to a new survey. A survey of 1000 people by investment firm Mercer found 72% expected their super balance to be higher on their next statement despite deepening market turmoil and fears of a banking crisis.

The ASX 200 ped 13.4% in the past financial year, but Mercer said there was no need to panic about declining superannuation in the short term, as most people viewed it as a long-term investment.

The survey released yesterday but conducted last month also found that 71% of people aged 20-34 had given little or no thought to retirement and 27% of people aged over 50 had given little or no thought to their super. MARIKA DOBBIN


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