Consumers still lost over choice
Super choice has failed to increase employee knowledge of superannuation in general or about their specific fund, according to a survey by transport industry fund TWUSuper.
The survey found 67 per cent of more than 5,000 NSW and Victorian employees have not learnt any more about superannuation as a result of the Federal Government’s newly introduced legislation.
TWUSuper fund Secretary and chief executive, Bill McMillin, said the survey findings stress the need for a more sustained approach to education on super choice.
"Poor financial literacy standards lead to general apathy towards superannuation and ultimately ill-informed investment choices,” he said.
Mr McMillin said the TWUSuper survey also revealed that advertising by industry funds “appears to have had an effect in educating the general public on industry funds”.
The survey showed almost two-thirds (61 per cent) of respondents were aware that they don't need to be working in a specific industry to invest in an industry fund, McMillin said.
The survey also found that more than half (55 per cent) of respondents currently in a retail fund would consider switching to an industry fund in the next 12 months.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
