VicSuper is putting physical cash into the hands of its members as part of a campaign to engage people with their superannuation balance.
The fund has built a vault where the public can come and hold their account balance, whether that is $10,000 or $800,000, in an attempt to overcome the lethargy towards most people’s second largest asset.
“As it’s not a tangible resource, people don’t connect with it as savings,” said Michael Dundon, chief executive of VicSuper. “While Australian households are up to their eyeballs paying off big mortgages and credit card debt, super is an asset from day one.”
A recent survey commissioned by VicSuper found that people ranked superannuation third in terms of personal financial importance, yet the average Australian doesn’t understand the basics including their current balance and what percentage of their salary is contributed to super. Furthermore, 58 per cent of Australians don’t make regular contributions.
According to psychologist Dr Simon Kinsella, we find making decisions about the future intellectually, psychologically and emotionally difficult because we’re hard-wired to avoid planning for it.
“Some people can’t connect to the idea of the future because it’s simply too far away, while others don’t like to think about it because it makes them feel stressed and unprepared,” Kinsella said.
One common thread the survey revealed was that Australians aren’t thinking about their future selves, with 42.1 per cent saying they can’t imagine what their life might look like when they are 65. Interestingly, 53.5 per cent haven’t planned for what their life will be like in 10 years’ time.
The VicSuper vault will be travelling throughout Victoria during October 2015. Those outside of Victoria can undertake a unique virtual experience by visiting www.getsuperactive.com.au