Many Migrants Short On Super

15:12' 08-05-2018
A recent survey shows that Australians from non-English speaking backgrounds are more likely to have a low superannuation balance, giving a bleak outlook for their retirement, according to SBS News.

    Migrant super lagging

    Photo: sbs.com.au

    The Household, Income and Labour Dynamics in Australia Survey reveals that 44% of overseas-born men from non-English speaking backgrounds aged 55 to 59 have a super balance of less than $50,000, while only 20% have more than $200,000.

    The figures are worse for overseas-born women with non-English speaking backgrounds, with 66% having less than $50,000, and only 7% having over $200,000.

    ASFA CEO Martin Fahy told SBS there were many “potential causes” for the difference, one being that if they arrived later in their careers to Australia, they have a shorter working life. Other factors could include periods of unemployment, or earnings below the appropriate salary level.

    Dr Fahy suggests migrants seek financial advice on benefits and policies connected to low-income superannuation, which they may not be aware of. He also points out that there are some situations where employers might not be paying superannuation, or appropriate wages, even in “high profile” occupations.

    The ASIC Money Smart website, at www.moneysmart.gov.au, has detailed advice in multiple languages, including a Financial Advice register which lists appropriately qualified financial planners.

    Thuy P

     

     

     

     

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Keywords: a low superannuation balancenon-english speaking backgroundsretirement

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