The advertising and discussion which has accompanied the implementation of Australia’s new choice of fund regime has succeeded in generating a change in attitude amongst Australians, according to research sponsored by .
However, Virgin Money’s managing director believes the choice of fund advertising campaign alone has not been responsible for the change, with the company’s research suggesting that super was never quite as dull to the average Australian as people had been led to believe.
Launching its own superannuation fund offering, Virgin Money used research it had commissioned from to claim that Australians now regard their superannuation fund as being more important to them than their weight or keeping up-to-date with fashion.
Virgin Money claims the research even suggests that Australians across all age groups place even more importance on a comfortable retirement, ranking their twilight years as being more important than being happy in their jobs, and only slightly less important than their partner’s good health.
“The survey also found that over 60 per cent of Australians think about their superannuation fund at least once a month, with two in ten Australians regarding it as a weekly concern,” Virgin said.
The Virgin-sponsored survey data reveals that out of a possible score of 10, superannuation rated a 7.21 among respondents, compared to 9.35 with respect to having good health and 9.20 with respect to the importance of a husband or wife.
Interestingly, having a comfortable retirement rated 8.71.
What many superannuation fund trustees will find surprising is the level of recognition gauged among 18 to 24-year-olds, with the survey data suggesting that a comfortable retirement rated fourth behind having good health, a partner and job satisfaction.
The survey analysis said this suggested that younger Australians had already developed a lifelong interest in superannuation and would be keen to exercise choice with their personal superannuation.
Consistent with the findings of other surveys, the Virgin AC Nielsen result suggests women are marginally more concerned about achieving a comfortable retirement than men, with women scoring a comfortable retirement at 8.94 out of 10 compared to 8.52 for men.
Not surprisingly, women also rated their superannuation fund higher in order of importance at 7.29, compared to 7.13 for men.
