DBM Consultants
SuperSizer uses data provided by DBM Consultants from the Consumer Atlas syndicated program, Australia's largest research program dedicated to financial services (DBM Consultants). Benchmark results for Your Peers is based on survey data estimates from over 30,000 interviews of Australians aged 18 and over with superannuation, for the 12 months to May 2020.
The average super savings shows the average dollar balance held in superannuation among Your Peers, based on this survey data (excluding SMSF and government funds). The average super savings of Your Peers is simply the average based on survey data and there is no suggestion that if your superannuation balance is currently equal to or greater than this average, that you will have sufficient funds to meet your future retirement needs.
The peer comparison and commentary is intended to provide a general illustration only and does not aim to provide advice as to what your current superannuation situation should be, nor can it predict any person's future retirement needs.
References
- Australian Taxation Office, (Last modified: 28 Nov 2018), Getting your super started, Australian Government, accessed 10 June 2020, <https://www.ato.gov.au/individuals/super/getting-your-super-started/>
- Australian Securities & Investments Committee, (2018), Super for self-employed people, accessed 10 June 2020, <https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/super-contributions/super-for-self-employed-people>
- Canstar, (November 6, 2019), Here’s how much super Aussies need in their accounts right now to retire comfortably, accessed 30 June 2020, <canstar.com.au/superannuation/how-much-super-for-retirement/>
- Association of Superannuation Funds of Australia, (2018), ASFA Retirement Standard, accessed 10 June 2020, <https://www.superannuation.asn.au/resources/retirement-standard>
- Australian Taxation Office, (Last modified: 06 Aug 2019), Employees, Australian Government, accessed 03 June 2020 <https://www.ato.gov.au/individuals/super/getting-your-super-started/employees/>
- Australian Taxation Office, (Last modified: 22 Oct 2019), Super data: multiple accounts, lost and unclaimed super, Australian Government, accessed 09 June 2020, <https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/>
- Canstar, (April 17, 2019), How much do Australians save on average?, accessed on 30 June 2020, <canstar.com.au/savings-accounts/average-australian-savings/>
- Australian Bureau of Statistics, (2019, 30 October), Life expectancy continues to improve, [media release], accessed 03 June 2020, <https://www.abs.gov.au/AUSSTATS/abs@.nsf/Latestproducts/3302.0.55.001Media%20Release12016-2018?opendocument&tabname=Summary&prodno=3302.0.55.001&issue=2016-2018&num=&view=>
- Australian Taxation Office (2019), Super from your employer, Australian Government, accessed on 03 June 2020, <https://www.ato.gov.au/individuals/super/growing-your-super/super-from-your-employer/>
- MoneySmart.gov.au, (2020), Super Investment Options, Australian Government, accessed 11 June 2020, <https://moneysmart.gov.au/grow-your-super/super-investment-options>
- Association of Superannuation Funds of Australia, (2018), Superannuation Statistics - June 2018, accessed 11 June 2020, <https://www.superannuation.asn.au/ArticleDocuments/269/SuperStats-Jun2018.pdf.aspx?Embed=Y>
- Australian Bureau of Statistics, (2020), 6238.0 - Retirement and Retirement Intentions, Australia, 2018-19, accessed 09 June 2020, <https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6238.0Main+Features12018-19?OpenDocument>
- Association of Superannuation Funds of Australia, (18 February 2020), Retirees face an acceleration in the rise of living costs, [media release], accessed 11 June 2020, <https://www.superannuation.asn.au/media/media-releases/2020/media-release-18-february-2020>
