No Thought for Tomorrow: Young Australian Adults' Knowledge, Behaviour and Attitudes About Superannuation

Law and Financial Markets Review, Vol. 9, No. 2, 90-105, 2015

33 Pages Posted: 26 May 2016 Last revised: 12 Jul 2016

See all articles by Paul Ali

Paul Ali

University of Melbourne - Law School

Malcolm Edward Anderson

University of Melbourne - Faculty of Education; Australian Institute of Archaeology

Martin Clark

University of Melbourne, Law School, Students

Ian Ramsay

Melbourne Law School - University of Melbourne

Chander Shekhar

University of Melbourne; Financial Research Network (FIRN)

Date Written: October 1, 2015

Abstract

While Australia’s superannuation scheme is a fundamental part of supporting and sustaining Australia’s increasingly aging and retiring population, young Australians demonstrate consistently poor knowledge of, and behaviour and attitudes towards, superannuation. This study is the first large-scale study of superannuation knowledge, behaviour and attitudes among a representative sample of the general young adult population in Australia. The picture that emerges is generally worse than other studies to date. Young people generally lack a basic understanding of how superannuation operates, do not engage much with their superannuation funds and have poor or uncertain expectations about their prospects for retirement and superannuation’s place within an overall retirement plan. The article presents the results and analysis from our survey and considers what those findings suggest about improvements in the provision of information and advice about superannuation.

Keywords: superannuation knowledge; superannuation behaviour; young adults

Suggested Citation

Ali, Paul and Anderson, Malcolm Edward and Clark, Martin and Ramsay, Ian and Shekhar, Chander, No Thought for Tomorrow: Young Australian Adults' Knowledge, Behaviour and Attitudes About Superannuation (October 1, 2015). Law and Financial Markets Review, Vol. 9, No. 2, 90-105, 2015. Available at SSRN: https://ssrn.com/abstract=2784615

Paul Ali

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 1088 (Phone)
+61 3 8344 5285 (Fax)

HOME PAGE: http://www.law.unimelb.edu.au

Malcolm Edward Anderson

University of Melbourne - Faculty of Education ( email )

Alice Hoy Building
Victoria 3010
Australia

Australian Institute of Archaeology ( email )

Melbourne, Victoria 3010
Australia

Martin Clark

University of Melbourne, Law School, Students ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

Chander Shekhar

University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

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