Why Have A Super Fund?

There are many different reasons for having a super fund, however the main reason is because, generally speaking, we as Australians are said to be terrible savers of our money. On average we save only 4% of our income on a yearly basis. This is the reason why the government has made it compulsory that every Australian employee deposits a small proportion of their income into their super. By saving a little bit each year, by the time we retire, the fund should have enough money to last us through our years of retirement.

While the primary investment aim of most Australian’s remains the purchase of “the great Australian Dream” or owning our own home; the growth in the way we view superannuation has significantly changed in stature since its introduction in 1992. Super is fast becoming one of the largest and most important investment vehicles that the majority of all Australians will hold throughout their lifetime. The significance of saving and the supporting ourselves into our years of retirement means that superannuation is compulsory product that must be taken seriously. It is imperative that it is fully understood considering that it will tend to be the second largest investment in your life after your house. This reiterates the importance of every Australian finding the right super fund which caters for their direct needs and relevant risk levels.