Since the Retail Distribution Review the UK advice industry has sharpened its proposition with better processes, more symbiotic relationships and a "joint world view" between advisers and their licensee networks, observes CoredData CEO founder Andrew Inwood. Australian advisers can get ahead of the curve on all these developments, he says.
Up to 2,000,000 unassigned clients after bank exits: CoreData
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MOST Australians under 30 feel never-ending lockdowns are WORSE than Covid itself
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The firm said this demonstrated a failure by employers and superannuation funds to keep people up to date with the changes as less than 10% said they had found out from their employers while 6.9% said they had found out from their super fund.
However, over half of survey respondents said they were happy with the SG increase and only 5.9% said they were unhappy.
Founder of CoreData, Andrew Inwood, said: “It will be a surprise for many. Around four-in-10 employees say they do not know about the 1 July SG changes at all, or say they know there are changes but do not know what those changes are.
Australians are noticing their pay levels have fallen after compulsory employer superannuation contributions were increased to 10 per cent.
For the first time ever, super is in the double digits, following a rise from 9.5 per cent on July 1.
Superannuation is increasing by half a percentage point at the start of each financial year until it reaches 12 per cent by July 2025.
This month s latest increase has seen 13 per cent of workers report seeing a drop in their take-home pay, a survey of 838 Australians in work by CoreData Research found.
Australians are noticing their pay levels have fallen after compulsory employer superannuation contributions were increased to 10 per cent. This month s latest increase has seen 13 per cent of workers report seeing a drop in their take-home pay, a survey of 838 Australians (pictured is a stock image) in work by CoreData Research found