According to Mercer research, 69 per cent of working Australians support an increase in the superannuation guarantee (SG) level from 9 per cent to 12 per cent or even 15 per cent. Only 10 per cent did not support any increase at all.
Superannuation Minister Nick Sherry argues an increase would hurt businesses and remains resolute that the government will not lift contribution levels.
Furthermore, existing government measures to support people adding to their super have also come under fire.
In the recent federal budget, the government announced it would scale back its co-contribution scheme.
Interestingly, however, the Mercer survey highlights that many people are happy to top up the 9 per cent SG level themselves.
So while the wait continues for the government to move on the issue of adequacy, the research backs the view that people are happy to support their own goals for an adequate retirement.
Half the people surveyed supported a joint effort through contributing pre-tax contributions themselves together with their employer.
According to many super funds, members have consistently added to their super through the government's co-contribution scheme.
Funds such as Legalsuper have reported an uptake in members salary sacrificing into super.
The 'soft compulsion' measure was also discussed in the Mercer paper, an initiative that has already garnered support from many in the industry.
Financial services firm Plum has recorded success with this strategy among its corporate clients.
The Henry tax review recommends the 9 per cent SG rate remain, arguing the age pension could be still be relied on to provide an adequate level of retirement funds for many people.
Despite the market crisis, the Mercer research highlights the fact an adequate retirement is still very much part of the plans for many working Australians.
