Social media least trusted but one of most consulted on retirement

Yasmine Raso

Senior Journalist

29 June 2026

Younger Australians are just as mistrustful of social media as their older counterparts when it comes to sources of information on retirement but they remain significantly more likely to still use it, according to new research from the Association of Superannuation Funds of Australia (ASFA).

A survey of 1,500 adult Australians commissioned by the association found that only half of respondents had consulted any source for information on retirement at all, and the sources reported as most trustworthy – such as professional financial advisers, advisers provided by super funds and industry benchmarks such as the ASFA Retirement Standard – were often the least used.

Social media ranked as the least trusted source of information on retirement, yet Australians aged between 18 and 34 were 10 times more likely to consult online platforms than those aged over 65. At the same time, advisers provided by super funds – while ranked as one of the most trustworthy sources – weren’t largely used for information until reaching the age of 65.

ASFA chief executive, Mary Delahunty, said the research suggested the “current system settings” were not adequate to ensure universal access to advice given how much trust people place in it.

“Australians know which sources of retirement information they can rely on. The problem is that the sources they trust most are often the hardest for them to reach,” she said.

“Barriers like the cost of accessing an adviser outside of super, and limitations on the scope of advice that can be provided by super fund advisers, really get in the way of people getting the trustworthy information they need.

“These access problems are worst for younger Australians, who are turning to social media for information even though they trust advisers much more as a source of information.

“This, added to the fact that half of all adults have not sought any information about their retirement, is a strong signal to the industry and policymakers that the current settings mean advice isn’t reaching people where they are in life.”

The research also examined the current state of the financial advice market, finding the number of licensed financial advisers has dropped by 40 per cent compared to a decade ago, at the same time as the number of Australians with a superannuation account has surged by 20 per cent.

Delahunty said the research points to the case for prioritising the implementation of the next stage of advice reforms as part of Tranche 2 of the Delivering Better Financial Outcomes (DBFO) package, including:

• Allowing funds to send targeted superannuation prompts, or nudges, to members at key moments
• Expanding low-cost, collectively charged advice on a defined set of topics through members’ own funds
• Introducing a new class of advisers to lift the overall supply of advice

“The advice Australians trust most sits inside their super funds, but current settings make it hard and costly to deliver. Making the super system simpler, with easier access to trusted advice, would change that,” she said.