Super system is ambivalent
The superannuation system defaults to ambivalence, and too many people in parts of the industry believe that young people, especially young women, are chronically disengaged about their long-term future, according to the Financial Services Council (FSC).
Speaking at the Women, Super, and Wealth Summit in Sydney on Thursday, FSC chief executive, Sally Loane said she did not believe that this was true.
Loane said this paternalistic attitude was not sustainable if the industry genuinely wanted to close the gender gap.
“We can no longer be ambivalent about wealth inequality,” she said.
“The super 2.0 system I advocate offers choice, is competitive, flexible, and fit for purpose for young Australians entering the workforce today. By enabling and encouraging engagement, it will help close the gender wealth gap.”
Loane noted that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engaged them on the right platform.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
