The nation’s out-of-touch super funds don’t do enough to engage with young customers, the corporate regulator says.
Millennials are missing out on as much as an extra $50,000 in their retirement savings, as out-of-touch super funds don’t do enough to engage with young customers, the corporate regulator says.
Research from ASIC’s education platform Moneysmart showed nearly half of respondents born between 1981 and 1996 admitted to not knowing much, if anything, about how to make the most of their superannuation. “When they hear ‘nest egg’, ‘retirement planning’, ‘pensions’ – those terms from their funds just don’t resonate,” she said.
“We have to make these contributions to these funds, we have to nominate funds... have just got to have way more information and give the consumer more power with knowledge, just so you actually know what you’re getting yourself into,” the 31-year-old said.
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