Super system is ambivalent

super-system/superannuation/

28 April 2017
| By Jassmyn |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS