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Superannuation sentiment improves
Australians' sentiment towards superannuation has seen its first positive move since the onset of the global financial crisis (GFC), although there are still ongoing concerns over share market volatility, according to the latest biannual Mercer Superannuation Sentiment Index.
Sentiment towards superannuation has risen by three points to 40 out of 100, according to the study of 1000 working Australians, conducted in June this year. That rating dropped from a high of 54 in June 2008 to 37 last December.
The percentage of Australians who are worried about the impact of share market volatility on the super balances actually rose from 56 per cent to 61 per cent over the past six months, and the level of trust in superannuation also climbed, with 49 per cent of respondents believing their main fund is trustworthy, up from 41 per cent in December 2009.
Heather Dawson, partner at Mercer said the findings underlined the need for the superannuation industry to continue to educate and engage with members, with a strong positive correlation between knowledge of superannuation and a member trusting a super fund.
Improving member knowledge would provide better retirement outcomes for members as well as an opportunity to build trust and loyalty for funds, she said.
Being proactive with members to use personalised online tools and education, and providing a variety of channels for information including telephone and face-to-face consultations would help to develop that knowledge and trust, she said.
The study found the top concerns about superannuation are low growth and returns, not having enough funds for retirement, loss in value and the state of the economy.
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