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.
Amid Australians’ growing penchant for seamless digital experiences, an industry professional believes the most successful superannuation funds will be looking to leverage technology for their members in a number of ways.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
Add new comment