Survey points to super disengagement
Only 16 per cent of Australians are actively managing their superannuation, and only around 4 per cent have chosen an investment plan or consulted a financial planner to assist them, according to new research released by big West Australian super fund GESB.
GESB general manager of wealth management Fabian Ross said the research pointed to a concerning lack of engagement in what would be one of the largest assets most Australians would own in their lives — second only to their home.
“Even small adjustments to investment plans or fee structures can have a significant effect on the final savings of Australians, often in the tens of thousands of dollars,” he said. “With the expectation of longer retirements, Australians can no longer afford to neglect or forget about their super.”
Ross said the research indicated that both government and super funds had a role to play in fostering greater engagement, with around half of the people surveyed suggesting additional information from the Government would encourage more active management of their savings.
He said 25 per cent of respondents had said that easier access to comparisons of fees, performances, products and services would help them become more involved.
AUTHOR
Mike Taylor
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