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<\/p>\nHowever, some young people are heeding the warnings. Melbourne\u2019s Erin Doyle, in her mid-30s, has been stashing away an extra $250 in superannuation in voluntary superannuation contributions for years.<\/p>\n
Her workplace might pay her super regularly, but she\u2019s convinced that she\u2019s going to need more by the time she reaches retirement age. \u201cI basically forget that I even earn it because I never even see it when I\u2019m paid,\u201d she says.<\/p>\n
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Mary Delahunty, chief executive of the Association of Superannuation Funds of Australia.<\/p>\n
\u201cFrom a very young age, my parents drilled into me that superannuation was critical, so it has just always been something I\u2019ve done. I know it will eventually become a nest egg of funds that will allow me to go travelling and experience the world after I\u2019ve worked all these years. Occasionally, I go and have a peek to see how much it\u2019s grown, but otherwise I just leave it.\u201d<\/p>\n
The CEO of the Association of Superannuation Funds of Australia, Mary Delahunty, isn\u2019t surprised that young people are worrying about their super.<\/p>\n
\u201cYoung people saving today have many financial pressures. They\u2019re wondering when their job will exist and whether their wages will keep up with inflation,\u201d Delahunty says.<\/p>\n
The retirement income standard has risen again this quarter. ASFA says couples will need $75,319 for a comfortable retirement, and $53,289 for singles. Delahunty attributes the cost growth to steep cost of living increases. The growing cost of private health insurance, electricity costs and groceries have also contributed to the jump.<\/p>\n
Retirees are also spending $58 per week just on digital connectivity per week, with smartphones, streaming services and high-speed internet now standard budget items for older Australians.<\/p>\n
\u201cGiven that the superannuation guarantee has risen to 12 per cent, a 30-year-old worker today can have confidence that their money in their superannuation account is on track for them to have a comfortable retirement,\u201d Delahunty says.<\/p>\n