ASIC’s Moneysmart has urged super funds to better engage with millennial members and improve services, transparency and access to information, following a roundtable with financial advisers, research and content creators.
The Moneysmart research found that nearly half (48 per cent) of surveyed millennials admit they are not knowledgeable about maximising their super, despite being the first generation to have compulsory super from day one of their working life.
“Terms like ‘retirement planning’ and ‘pensions’ fail to resonate with a generation more focused on their immediate financial goals and the current cost of living,” ASIC said in a media release.
ASIC’s Moneysmart is launching a consumer awareness campaign aimed at millennials. The campaign will spotlight the benefits of engaging with super early and often, demonstrating how regular contributions can compound significantly over time.
Panellists of the roundtable included:
- Simone Constant – ASIC commissioner
- Victoria Devine – host of financial podcast ‘She’s on the money’
- Andrew Dunbar – financial adviser at APT Wealth
- Queenie Tan – financial content creator
- Effie Zahos – finance journalist and roundtable host
- Dr Angel Zhong – associate professor of finance at RMIT University