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Waste of time engaging the young
Super funds that are focused on engaging the younger generation are ‘wasting their time’, according to the executive chairman of Financial Synergy, David Orford.
People in their 20s and 30s were too focused on paying off their mortgage, supporting children, and ‘having a good time’ to worry about superannuation, Orford said.
Rather, super funds should be expending their efforts going after members in their 40s and 50s, once they’re relieved of their obligations, and convincing them to contribute their spare money into super, he said.
“What are [super funds] trying to do? These people want to enjoy life while they’re young, and they’ve also got all these obligations to their kids, so don’t bother them, that’s the priority,” he said.
Super funds have long attempted to increase engagement with the younger generation through focus groups, online tools and campaigns in a bid to close the superannuation balance gap.
“Telling members they should be contributing extra into their super fund over 40 years — well tough, it’s not going to be 40 years,” Orford said.
Older members could be encouraged to put off their retirement to make their earnings last longer, salary sacrifice, put together a money package to contribute to their account balance, or reduce their living needs after retirement, Orford said.
Super fund members could still keep earning investment returns after their retirement, he added.
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