Not one superannuation document from any super fund is easily read, according to research.
A report by writing consultancy, Ethos CRS found not one document came close to reaching its desired benchmark score of 100. The average readability score for 80 documents from 20 companies was 45.6.
CareSuper had the highest readability score at 49.4, followed by Hesta and AustralianSuper both at 49.2, and Cbus Super at 48.4.
Ethos CRS chief executive, Chas Savage, said: “These findings suggest that super funds still have some work to do if they are to engage clearly and effectively with fund members.
“The decision to invest with the right superannuation fund is important. All super funds face the challenge of delivering complex information to a diverse range of members – and levels of financial literacy vary widely. This means that super funds must be clear when discussing the financial services they provide, the performance of funds they manage, and the rights and responsibilities of fund members.
“Given so many Australians are neither advanced readers nor expert financial analysts, one simple step for super funds is to produce clearer, more readable content.”
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.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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