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More members monitoring superannuation

More than half of superannuation members surveyed by MLC reveal they are taking their retirement savings more seriously and are watching the stock markets more closely than ever.

About 53% of the 1004 participants that took part in the survey said they are taking more of a long-term view in regard to their super and wealth.

COVID-19 has shaken the confidence of members and prompted them to prioritise saving as 55% are placing greater importance on how much they are saving compared to 12 months ago, MLC found.

About one quarter of respondents are either planning or starting to contribute to an emergency savings fund.

If the participants were given $1000 today, the majority would save 37% of it or $375. This was consistent even if the amount was increased to $5000.

"The areas of concern amongst survey respondents highlight the need for a longer-term view around savings, wealth creation and superannuation. Ensuring your superannuation is structured to suit your lifestyle should be something that occurs at every age not just for pre-retirees," MLC Wealth group executive of retirement and investment solutions Tim Steele said.

When it comes to financial decision making, 66% said they "do a lot of research before making a significant financial decision".

Forty-two percent said they rely on friends and relatives for financial information and guidance, followed by financial websites (26%). A minority (15%) use the service of a financial adviser, while one in four said they are self-directed investors.

Social media and forums are growing as a source of financial information and guidance among young Australians, with 13% aged between 18 and 34 regularly using platforms such as TikTok, Facebook and Instagram as a financial resource, Steele said.

"It is important Australians continue to consider their financial decisions, but ensure they back up insights from relatives, friends and members of their online communities with credible information sources such as from the Australian government, financial and consumer associations, superannuation funds or a professional financial adviser," he said.

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