Super Risk: The millions of Australians missing out on superannuation retirement funds.
Craig at HQB Financial Solutions has some real concerns about Australians retirement savings, especially for small business and low to medium income earners. Contact us today and start the journey toward comfortable Superannuation Retirement.
The article also points out the huge revenue gathered by product providers and fund managers.
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Watch the full presentation by Four Corners. “Super Risk”
“I think it’s a huge problem, and I think we’re not dealing with it now…it’s going to come back and bite us.” Workplace expert
Australia’s superannuation retirement savings pool is enormous. At two and a half trillion dollars, it’s one of the largest in the world. But there are fears that even that huge sum of money won’t be enough.
“What future are many young people facing? Bleak. They are facing Game of Thrones. Winter is coming.” Investment banker
Millennials are entering a very different workforce from the one that existed 30 years ago when compulsory superannuation was adopted.
“It was pre-internet, mobile phones were the size of a brick, there wasn’t big data. So many young people are now working in the gig economy.” Financial services industry executive
The rise of the gig economy, with work fuelled by apps that summon drivers, deliveries and all kinds of freelance workers, has seen more than a million workers operate in a netherworld where they are not paid traditional entitlements like superannuation.
“I look at the next 20, 25 years when a whole generation will not have sufficient funds put aside.” Uber driver
In the broader economy, it’s estimated that between three and six billion dollars’ worth of super entitlements per year are not being paid.
In some cases workers are being blatantly ripped off by employers who have failed to pay their superannuation entitlements.
“Millions of workers are falling between the cracks of the superannuation system in this country.” Super fund trustee
Despite changes to strengthen the law, there are still sharp practices in the industry which are dudding consumers.
“How can I not feel outraged that somebody in my industry is doing something as appalling as that?” Investment banker
Now there are calls to take a fresh look at super and make some major reforms to avert financial disaster for the next generation of Australian workers.
Super Risk, reported by Stephen Long and presented by Michael Brissenden. Watch full episode here