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How households save for retirement

By John Daley and Brendan Coates

Abstract

So much of the national conversation about superannuation simply assumes that \u27savings for retirement\u27 is synonymous with \u27superannuation savings.\u27 This is a big mistake. The reality is that superannuation savings account for only a small portion - about 15% - of the wealth of most households, as confirmed by new analysis for Grattan Institute of both ABS data and the Melbourne Institute’s HILDA survey. Even without counting the family home, the average Australian saves as much outside as inside the super system. For older households close to retirement, assets other than super are often even larger than the value of their homes. Super’s modest contribution to retirement savings is true for households of most levels of wealth and income

Topics: Retirement, Retirement income, Superannuation, Households--Economic aspects
Publisher: Grattan Institute
Year: 2016
OAI identifier: oai:apo.org.au:68088

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