Default regime hits women says Loane

Financial Services Council (FSC) chief executive, Sally Loane has blamed the current default superannuation fund regime for playing a part in hampering women from better engaging in their superannuation.

Addressing a Women, Super and Wealth Summit in Sydney, Loane claimed that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engages them, on the right platforms.

“Our superannuation system today defaults to ambivalence,” she said. “Too many people in parts of the super system assume that young people, particularly young women, can’t or won’t make decisions about their long-term future, that they’re chronically disengaged. That they need decisions made for them.”

Loane said she did not believe this attitude was justified.

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“More importantly, this paternalistic attitude is not sustainable if we genuinely want the gender wealth gap closed,” she said. “We can no longer be ambivalent about wealth inequality.”