When it comes to messages about ageing and longevity, Australians appear to be suffering from an acute case of selective indifference. The Federal government’s recent Intergenerational Report – projecting real concerns for the future for many Australians and their retirement savings – appears largely to have fallen on deaf ears.
The superannuation industry has been presented a golden opportunity to create effective solutions which will improve retirement outcomes for their members whilst helping to fix some of the nation’s most pressing social and economic imperatives.
Superannuation funds need to find ways that better engage fund members in order to improve their retirement outcomes. In particular, this relates to the information, education and advice prescribed to members as they prepare for retirement – including identifying the implications of an inadequate retirement savings plan.
Left alone, most members will lead a retirement lifestyle somewhere between modest and comfortable. With proper planning and support, most members can do much better than this.
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