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.
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