57% of Australians will be saving the income tax cut they received in this year’s Federal Budget.
Wealth management group, Colonial First State, undertook research which found that 6% of Australian’s intend to contribute their additional take home pay to their superannuation.
Those looking to use these funds to top up their super were predominately aged between 55-64 years old.
Interestingly enough 16% of the research respondents used the Government’s early release of super scheme, of which the highest proportion of early super withdrawals were aged between 25-44 years old.
With the statistics so high for young Australians, the early access of super may have been utilised as a way of coping financially through the recession from potential income loss.
One could conclude that Australians who withdrew super that are closer to retirement are making building their superannuation a priority, whereas particularly younger Australians are not.