Not such super spouses: Only 5% of Australians contribute to their partner’s retirement savings
Millions of Aussies are clueless about a financial decision that could impact their loved ones, according to new research by Finder.
A Finder survey of 1,062 respondents revealed just 5% of Australians have contributed to their partner's superannuation.
Spouse contributions mean paying money into a spouse's super during periods of low or no earnings or as a tax offset.
The research found a further 5% didn't know it was possible to contribute to their partner's super.
According to the ATO, as of the 2021 financial year, the average super fund balance for women between the ages of 65-69 was $403,038, and $453,075 for men of the same age.
Sarah Megginson, personal finance expert at Finder, said taking time out of the workforce could seriously impact long-term returns on your super balance.
"Stay at home parents lose considerable superannuation in the child rearing years, which then impacts in the long run into a loss of compounded earnings.
"If your partner is a low-income earner, you may be able to claim a tax offset on the first $3,000 you contribute."
Megginson said it was important Aussies take their retirement nest egg seriously.
"Get educated about the state of your superannuation – what amount you have and how it's invested.
"It can be really hard to manage extra super contributions in an environment of rising household and mortgage expenses but it's important to plan for your future financial well-being too."
Megginson said it's not just about how many contributions you make.
"Choosing a top-performing fund could boost retirement savings significantly."
Finder's research found a worrying 1 in 10 (10%) don't have any superannuation.
| Have you ever used your superannuation to supplement your partner's superannuation? | |
|---|---|
| Yes | 5% |
| I didn't know I could do that | 5% |
| I don't have superannuation | 10% |
| I don't have a partner | 14% |
| No | 66% |
| Source: Finder survey of 1,062 respondents, June 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,062 respondents from June 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
Check out the winners of Finder's Superannuation Awards 2024.