Superannuation Knowledge and Plan Behaviour

15 Pages Posted: 17 Jan 2013

See all articles by Julie R. Agnew

Julie R. Agnew

College of William and Mary - Mason School of Business

Hazel Bateman

UNSW Sydney, CEPAR

Susan Thorp

The University of Sydney Business School

Date Written: November 1, 2012

Abstract

This paper presents new evidence from a national survey of non-retired individuals with superannuation accounts between the ages of 25 and 65. Fielded in June of 2012, the survey responses suggest that Australians often are ill informed about many important features of the superannuation system. This lack of retirement system knowledge is consistent with findings in other countries. Specifically, the survey suggests that Australian respondents are most challenged by questions associated with the access age to their superannuation savings, the risky composition of balanced funds (a popular default investment option), and the tax treatment of superannuation contributions and investments. Regression analysis suggests a relationship between superannuation knowledge and savings behaviour. The results provide motivation for further research in the area and suggest more can be done to educate individuals about the superannuation system.

Keywords: Superannuation, Plan Behaviour

JEL Classification: G23, G28, D14

Suggested Citation

Richardson Agnew, Julie and Bateman, Hazel and Thorp, Susan, Superannuation Knowledge and Plan Behaviour (November 1, 2012). UNSW Australian School of Business Research Paper No. 2012ACTL14. Available at SSRN: https://ssrn.com/abstract=2198639 or http://dx.doi.org/10.2139/ssrn.2198639

Julie Richardson Agnew (Contact Author)

College of William and Mary - Mason School of Business ( email )

P.O. Box 8795
Williamsburg, VA 23187-8795
United States

Hazel Bateman

UNSW Sydney, CEPAR ( email )

High Street
Sydney, NSW 2052
Australia

Susan Thorp

The University of Sydney Business School ( email )

Abercrombie Building
H70
The University Of Sydney, NSW 2006
Australia
0290366354 (Phone)

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