Super investors unaware of gambling support

super superannuation gambling ethical investing Australian Ethical

10 May 2019
| By Laura Dew |
image
image
expand image

Many superannuation investors are unaware their super is supporting Australia’s gambling habit by investing money into gambling firms, according to Australian Ethical Investment.

Australians were the biggest gamblers in the world per capita and each year lost $23 billion, of which $14 billion was lost via the pokies. As well as financial loss, gambling could also lead to mental illness and domestic violence.

The organisation said a lack of transparency meant many investors were unaware this was the case and did not know where their super money was invested.

 

As a result, it launched a campaign to highlight how Australians can ensure their superannuation money is not supporting the gambling sector and instead focused on positive companies.

 

This encouraged investors to ask where their fund invested, what sectors, how these sectors were contributing to society and how it was making a positive difference to business behaviour.

Nearly 90 per cent of investors believe fund managers should ‘police’ the companies they invest in to ensure they are acting responsibly, according to research from the Responsible Investment Association of Australia, and 86 per cent of millennials want their money invested in responsible companies.

Dr Stuart Palmer, head of ethics research at Australian Ethical, said: “Superannuation contributions are mandatory but every Australian has the choice to decide where this money is invested.

“Gambling is a big social issue and Australian Ethical strongly questions why the savings of hardworking Australians are being funnelled into industries such as gambling that are responsible for the erosion of savings and general welfare.”

Read more about:

AUTHOR

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

JOHN GILLIES

tHOSE 989 WHO ARE CEASED WILL GO ON TO LIVE A LONG AND HEALTHY LIFE JG...

6 hours 45 minutes ago
Chris Cornish

What a sticth-up. Looks like Labor Senator Jess Walsh follows Stephen Jones who follows what the industry super funds ...

3 hours 57 minutes ago
Peter Swan

This report is a blatant display of far-left factional partisanship, treating superannuation funds as state property and...

4 hours 12 minutes ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks 1 day ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week 1 day ago

The corporate regulator has made a suspension and a cancellation of the AFSL of two Queensland-based firms. ...

1 week 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND