Norwich Union Life Australia has established what has been long suspected: that most Australians don’t know much about superannuation.

The study, compiled by Sweeney Research, found that 50% of people in their prime “accumulation years” of 40 to 49 don’t know much at all about super. Those under the age of 40 were even worse: 66% have very little understanding.

The findings have spurred Norwich Union Life MD Allan Griffiths to suggest the industry “has clearly failed these people”. He sees ignorant Australians ending up destitute.

The Sweeney figures also indicated that 75% of people between the ages of 20 and 39 have never spoken to a financial adviser, compared with 52% of 40 to 59 year olds and 71% over the age of 60.

Mr Griffiths said the information will be used to enhance the company’s new Wealth Solutions education and information program for advisers dealing with employees.