Super needs more rizz, says Moneysmart

ASIC’s Moneysmart recently convened a roundtable to work out why younger generations are feeling in the dark about their superannuation. Hint: funds just aren’t speaking the same language. And their comms skills? Mid at best.

Here at Mozo, we’ve also noticed that Gens Y and Z aren’t exactly vibing with their super. They're lagging behind Gen X and Boomers in key areas, from checking their balances less frequently to being unclear on their current funds and how to maximise their returns.

Just check out these results from our most recent superannuation survey:

To address these concerns, ASIC convened a roundtable with influential voices to explore how the superannuation industry can better engage younger generations. 

Notable members include Queenie Tan, a prominent financial content creator, and Victoria Devine, host of Australia's top financial podcast, 'She’s on the Money.' They were joined by a range of financial advisors and academic experts, each bringing valuable perspectives on financial education and strategy.

“Millennials are willing to plan and engage with data for their long-term physical wellbeing and health. Now is the time to see millennials engage in the same way with their long-term financial health through their super,” said ASIC Commissioner Simone Constant. 

And while the focus of the roundtable was on millennials, it’s clear that Gen Z is in the same boat.

What can super funds do better?

The roundtable wasn’t just a gripe session. It brought some solid ideas on how super funds could step up. Here are some key takeaways on what super companies can do better:

• Enhance Transparency: Super funds need to offer clear, real-time updates similar to those provided by banking and financial services apps.
• Modernise Communication: Shift away from outdated terms like "retirement planning" and "pensions" to language that resonates with current financial goals and lifestyles.
• Simplify Information: Avoid jargon and complicated financial terms to make super more accessible and engaging.
• Provide Practical Tools: Introduce easy-to-use calculators and goal-setting tools to help members visualise and plan their financial future.
• Show Real Investment Impact: Make the effects of super contributions tangible by showing members exactly where their money is invested and how it's performing.

Your money, your future

Ready to level up your super game? In the wake of the roundtable, ASIC’s Moneysmart is dropping a fresh consumer awareness campaign aimed at millennials, but clearly Gen Z and future generations will also benefit. 

So take this as an opportunity to get more involved in your super today. Trust, your future self is going to be seriously grateful.

For more of the lowdown on super – from how much you should have at each age to tips on boosting your contributions – check out our super guides hub.