Updated on October 5, 2023
5 min read
According to data commissioned by one of Australia's largest super funds, Australian Retirement Trust (ART), 71% of Australians don’t know the current super guarantee (SG) rate is 11%.
The YouGov study of more than 2,000 Australians found that 1 in 5 (19%) think the SG rate is still 10%.
Another 1 in 6 (16%) think it is still 9.5%, and 1 in 5 (20%) said they were unsure.
The SG rate is scheduled to increase every year until it reaches 12% on 1 July 2025. Find out more about the superannuation rate.
|1 July 2021||10.00%|
|1 July 2022||10.50%|
|1 July 2023||11.00%|
|1 July 2024||11.50%|
|1 July 2025||12.00%|
Millennials and Gen X are more likely than Baby Boomers to know the correct current SG rate (31% and 30%, compared to 24%).
However, Gen Z was the generation most likely to be unsure what the SG rate is (29%, compared to 17% Millennials, 22% Gen X, and 19% Baby Boomers). This makes sense, since most of Gen Zers (born 1997–2012) have only recently entered the workforce.
Younger generations are more likely than their older counterparts to say they plan to become more engaged to understand the impact on their superannuation/pay (47% Gen Z and 47% Millennials, compared to 35% Gen X and 29% Baby Boomers).
In fact, as Baby Boomers are now retired or approaching retirement, all the younger generations surveyed were more likely to be adding extra money to their super.
Those with a household income over $150,000 a year are the most likely to know the correct SG rate (41%, compared to 32% for those on $50K to $149K).
People on the lowest household income of less than $50,000 a year were least likely to know the SG rate (18%), and most likely to be unsure (32%, compared to 10% of those on >$150K).
People who have a financial adviser are more likely to know the current SG rate (36%), compared to those who don't have an adviser (28%) or have never seen an adviser (26%).
Nearly half (48%) of people surveyed are either already adding extra money to their superannuation, or they're more likely to do so because of recent economic events.
And more men were already contributing more to their super or said they're likely to do so because of recent economic events (53% compared to 43%). This gender difference could be because of a range of factors, such as the gender pay gap. Because if you earn less money, it makes sense you're less likely to add money to your super.
Women are more likely than men to say they plan to become more engaged to understand the impact on their superannuation and pay (43% compared to 37%). Meanwhile, men were more likely to already be engaged with their superannuation (32% compared to 20%).
Men were slightly more likely to know the current SG rate (35% compared to 24%), and more women were unsure (26% compared to 15%).
There are some simple steps you can take now that usually won't cost a cent, and can make a huge difference to you in retirement:
Everything you need to know about the super guarantee rate. Check if you're eligible to get super, what super's paid on, and how often you should get payments.
It’s never too early or too late to improve your financial future. We look at 10 ways to actively grow your super balance. It can make a big difference to your retirement.
When we talk about beneficiaries, we mean who gets your super when you die. Super's generally not part of your Will. So we'll take a look at the different types of beneficiaries, why it's so important, and what you need to do.