The super industry keeps on growing

I've been looking over the latest news on just how big the superannuation industry is now - it's grown so much since compulsory super was introduced in 1992 and its not showing signs of slowing down any time soon. The latest statistics tell us that nearly 90 percent of the Australian workforce contribute more than $120 billion annually to super funds. That's a pretty significant amount of money by any standards.

These days, around 11 percent of people are relying on their super as their principal source of income in retirement, this figure is set to rise rapidly as we now realise that super is the way to go to ensure a significantly higher standard of living in retirement.  

What does this mean for you? I think the continued growth and strength of the super industry is great news for everyone because not only does it mean your savings are invested in a system that is geared towards providing a secure and comfortable retirement, but also that the industry continues to go from strength to strength, even with the inevitable bumps in the road. Happy super saving.