Are Australians prioritising their super over home ownership?

The vast majority of Australians, who have emerged from COVID pandemic with more disposable income, are not convinced about investing the surplus in property as for many growing their savings remained the top financial priority, according to Equip.

The super fund, who surveyed more than 2,000 Australians, found that the dream of homeownership was fading for many and saving for a property was no longer their top financial priority.

Given that around 27% of those surveyed said they’d had more disposable income today, Australians were considering what to do with the extra money to safeguard the future if investment in home ownership was longer their priority.

“For many Australians, investing in their super could be the best option,” Equip chief executive, Scott Cameron, said.

“It’s not inconceivable that super will surpass property as the key financial asset for many Australians, as home ownership becomes increasingly out of reach. This will only become more likely as the Superannuation Guarantee rate increases from 10% to 12% in the coming years.”

Equip, which manages $32 billion for over 140,000 members across both Equip and Catholic Super, said its strategic objective was to manage $50 billion for 300,000 members.