Jargon an impediment to superannuation engagement
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.
Recommended for you
The regulator has fined two super funds for misleading sustainability and investment claims, citing ongoing efforts to curb greenwashing across the sector.
Super funds have extended their winning streak, with balanced options rising 1.3 per cent in October amid broad market optimism.
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
