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The First Home Super Saver Scheme is failing to catch on because Australians are unaware that the initiative even exists, according to a new survey.
A nationwide survey commissioned by Gateway Bank found that over half of Aussies surveyed have not heard of or did not know if they had heard of the FHSSS.
The survey of over 1,000 Aussies found that 56 per cent were unaware of the scheme and only 1 per cent of those that had heard of the it were able to correctly identify components of the scheme.
The First Home Super Saver Scheme was introduced by the federal government in 2017 to reduce pressure caused by the housing affordability crisis.
The scheme allows Aussies to save money for their first home using their superannuation fund, and according to the government, this lets first home buyers save faster.
Paul Thomas, CEO of Gateway Bank, said that the initiative would be beneficial to Aussies but only if the public is aware that it exists.
“The scheme is a good idea in principle, but in order to make a real impact, the government and industry need to take action to ensure the public is not only aware of the scheme but are also educated on how they can take practical steps to take advantage of the initiative,” Mr Thomas said.
Mr Thomas added that it was important to educate people about the savings scheme now before people start looking at their first mortgages.
“It’s imperative to take an early intervention approach to education around the initiative; otherwise, by the time first home buyers look into their first mortgage, it will be too late,” the CEO said.
The survey found that Baby Boomers were most likely to be aware of the scheme, with 36 per cent having knowledge of the initiative.
Thirty-four per cent of Millennials were aware of the scheme and just 30 per cent of Gen X-ers were aware.
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