Industry Super Australia (ISA) has launched a campaign to reassure members that superannuation funds will bounce back from the downturn caused by COVID-19, given that a sizeable minority of members make rash decisions with their super after a downturn.
The campaign’s main message will be broadcast in a 30-second TV advertisement along with a series of online videos from industry experts.
ISA chief executive, Bernie Dean, said: “This is a timely reminder for members that their Industry Super Fund is looking after them now and over the long-term by protecting their nest egg and making sure it can grow again out the other side of this crisis.
“It’s important for members to know that they’ll also be helping the economy bounce back, just like they did with the global financial crisis [GFC], by investing in infrastructure and other things that create jobs and keep business strong.
“Saving for your future is just like protecting our health now – its best done when we all come together.”
The video series would provide information on how to avoid crystallising losses at a downturn; the pros and cons of accessing super early in times of financial hardship; how super funds protect members’ savings during market volatility and how, through investments in Australian business and local infrastructure, Industry Super Funds would help power the recovery.
ISA noted online searches about super had increased by 74% since the Government announced its early access to super scheme for those facing financial hardship due to the COVID-19 pandemic.
It also pointed to research by UMR that found that 58% of Australians were confident their super would recover over time, and 58% of Australians agreed making changes to super after a downturn is risky.
“But there is still a sizeable minority that make rash decisions with super after a downturn – like switching to cash or other defensive assets – locking in their losses,” ISA said.