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Money101 to launch online superannuation resource
Online superannuation educator Money101 is preparing to release a free online education resource to combat what it claims is persistent anxious consumer behaviour over superannuation.
"Even though consumers are anxious over their super, they're not engaging with it," said education manager Donna Ewing.
Consumers need to become more educated about superannuation as contributions are set to rise to 12 per cent of total income and Stronger Super is implemented, Ewing said.
There was a lot of confusion around superannuation and the changes that were going to be occurring, she said.
Fifty per cent of superannuation fund members don't read their member statements properly, according to Ewing.
The online resource would look at government co-contributions, the transition to lower contribution caps, and low income super contributions.
Ewing criticised most information provided to consumers about the changes as being too technical and difficult to understand.
Most information was hidden in industry journals which consumers weren't reading, she said.
"We want them to be asking questions, and communication is vital between the fund and the member," she added.
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