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Jargon an impediment to superannuation engagement
Australians are still baffled by the jargon surrounding superannuation, according to new research released by Virgin Super.
The research, released today, found that this confusion around jargon was acting as an impediment to people engaging with their superannuation.
The research is the result of a survey conducted by Galaxy Research (Galaxy) of 1,010 Australians, and has been used as the basis of a call by Virgin Super for a review of superannuation industry terminology.
It said the research had conclusively demonstrated the existence of a link between jargon and consumer apathy, with three in four respondents saying that superannuation terminology acted as a barrier to them engaging with their super fund.
Commenting on the outcome of the survey, Virgin Money commercial director David Curneen said disengagement in the face of jargon was particularly evident among the younger age group.
"A review of super industry terminology would deliver benefits to Australia, and the research demonstrates that the vast majority of Australians support his idea," he said.
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A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
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