Millions of Aussies have no super
EXCLUSIVE: Nearly one in three Australians have no superannuation and are facing a poverty-stricken retirement, alarming new figures reveal.
And one in 10 people aged over 65 still has a mortgage.
The latest ANZ Financial Wellbeing report compiled in conjunction with RMIT University analysed the financial behaviours of 3500 Australians and found a massive 30 per cent of people have no super.
And 31 per cent have less than $5000 in savings.
The Association of Superannuation Funds of Australia's CEO Martin Fahy said the ANZ data highlighted more needs to be done to help bolster retirement savings.
"It reinforces the need to commit to super and move to compulsory 12 per cent contributions," Dr Fahy said.
"Anyone who is self-employed may not have superannuation and likewise if they haven't been in paid employment or have taken large amounts of time out for carer duties."
Australian employees must make compulsory 9.5 per cent superannuation guarantee payments.
This will gradually shift to 12 per cent by 2026.
Employees earning less than $450 per month do not have to be paid super.
Financial comparison website Finder.com.au's spokeswoman Bessie Hassan warned, "super is designed to be the safety net that supports Aussies when they retire."
"Retirement should be your golden years but poor planning can come back to bite you and even force you back to work," she said.
Social worker Kenneth Thorpe, 51, who is currently unemployed, accessed his superannuation through financial hardship arrangements while battling alcoholism.
He now a balance of less than $100.
"I dipped into super many times and watched it dwindle away," Mr Thorpe said.
"I wasn't in my right mind to be taking money out of super, it's not managed very well and the safeguards aren't there."
The report also found many Australians are putting themselves under serious financial strain.
Of those aged 65 and over 11 per cent still have a mortgage, 12 per cent pay rent to a private landlord and 52 per cent have no superannuation.
The report also found 17 per cent of women aged between 60 and 69 who were in a relationship had experienced "economic abuse"; to just 6 per cent of men in the same age group had.