Fund members still too disengaged

Australian superannuation fund members have not been unduly panicked by the investment losses generated by the global financial crisis, according to a survey conducted by the Industry Super Network (ISN).

The survey found rather than becoming overly worried by the decline in their superannuation balances, fund members have been more focused on issues such as the general economic conditions and their job security.

The survey, conducted for the ISN by Sweeney Research, found attitudes were consistent among the different age groups.

It found those people aged under 39 recognised the impact of the downturn but believed they still had a long time in the workforce and that it would improve. The survey found those aged over 40 were more aware of the issues but expected returns to improve in the future.

Commenting on the survey results, ISN spokesman David Whitely said it appeared members understood that share markets were volatile and affected their superannuation returns.

However, he said the research also showed continuing disengagement with superannuation and a lack of knowledge among members about how to take control of their superannuation savings.

Whitely said fund members heard headlines about economic issues and superannuation but were not necessarily sure of what, if any, action to take.