New research has highlighted how stronger financial capability can lift household wealth and deepen super fund engagement.
Superannuation funds have been told they have a major opportunity to deepen member engagement and strengthen long-term outcomes, with new research from Deloitte Access Economics and Iress finding a strong link between financial capability and wealth creation.
The Big Lift report found that improving Australians’ financial capability could lift average household wealth by $122,950, contributing to a national increase of $1.2 trillion.
The research also noted younger Australians are expected to receive a projected $5.4 trillion intergenerational wealth transfer by 2050, a moment it says will be more effective if paired with stronger financial confidence.
Australians with higher financial capability are shown to be twice as likely to undertake retirement and estate planning, and 21 per cent more likely to make salary sacrifice contributions.
For super funds, these behaviours translate into more informed members, stronger contribution patterns and greater financial resilience.
Deloitte Access Economics partner John O’Mahony said the findings show a clear role for the industry.
“The Big Lift research found that 57 per cent of Australians report more confident decision-making after receiving financial education or advice. There is an opportunity for advisers and superannuation funds to help Australians turn knowledge and understanding into confident action.”
The report also highlighted changing expectations around advice, with more members, particularly those under 40, seeking digital and hybrid options that fit around their lives.
It noted that simplified products, coaching programs and embedded financial-education tools can scale cost-effective support across large member bases.
Iress CEO – Wealth APAC, Kelli Willmer, said technology is opening new pathways for the sector.
“With 63 per cent of Australians under 40 being open to digital advice solutions, embracing hybrid models, AI and chat-based tools can help scale advice efficiently and meet clients where they are.”
For many funds already investing in digital guidance and low-touch advice models, the findings reinforce the value of these initiatives and their ability to reach members who may never access traditional advice.
UniSuper chief advice officer Andrew Gregory said: “The Big Lift makes it clear that financial capability has a real impact on people’s lives. When Australians have the right information and the confidence to act, their decisions and their long-term outcomes improve.”
“We’re pleased to support work that turns these insights into practical tools that help people take control of their financial future.”
As Australia moves toward one of the largest intergenerational wealth transfers in its history, the report argued the super sector is uniquely positioned to help members make confident, informed decisions that benefit individuals, fund performance and the broader economy.
The Big Lift encouraged funds to expand digital and hybrid advice offerings, embed financial education into everyday member touchpoints, adopt scalable guidance tools and nudges, and use technology to personalise engagement.
