Savers still distrustful of super funds

More than half of working Australians still do not trust their super funds, new research shows.

The latest Mercer Superannuation Sentiment Index, which was based on a survey of 1,000 people in June, found that general sentiment towards superannuation funds had improved for the first time since the onset of the global financial crisis in 2008, with the index rising three points to 40 out of a possible 100.

However, despite the slight rise, a majority of people still lack faith in super, with only 49 per cent describing their main super fund as trustworthy.

Overall sentiments towards super have been negative since the first survey was conducted in June 2008.

"Confidence in superannuation took a hit with the share market volatility," confirmed Mercer partner Heather Dawson.

Australians looking for more reliable investment options may wish to compare savings accounts in search of the best returns. The Mercer survey results come after an index by Westpac and Melbourne Institute found that consumer sentiment has dropped by five per cent this month despite the Reserve Bank's decision to keep interest rates on hold.

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