Superannuation funds would do well to consider the delivery of education and advice around aged care and health, according to Association of Superannuation Funds of Australia (ASFA) chief executive, Pauline Vamos.
Addressing the ASFA annual conference in Brisbane today, Vamos pointed to the ageing population and associated health issues as being among the greatest challenges facing both the government and the superannuation industry.
In doing so, she presented the results of recently commission research undertaken by CoreData which pointed to an expectation by consumers that their superannuation funds could help them in dealing with difficult aged care issues.
Vamos said there was clearly a consumer need for advice and education on aged care and health issues and it was open to superannuation to play a greater role in meeting that need.
She said the research suggested that three in five respondents had indicated they would make use of such advice from superannuation funds if it were made available.
Vamos said the data underlined the need to promptly lift the superannuation to 12 per cent.
“A significant opportunity exists for superannuation funds but they need to be prepared,” she said.
I have been lobbying for this sort of direction for years. In fact I set up a company that looks at the whole of person needs to truly meet the growing needs of Australians with complex health needs. Good to see this is now becoming mainstream. Just don’t commercialise and exploit.