Retirement
Australians wary of super funds making a profit
A survey has found that a majority of Australians dislike the idea of superannuation funds turning a profit.
Australians wary of super funds making a profit
A survey has found that a majority of Australians dislike the idea of superannuation funds turning a profit.
The survey, which was conducted on behalf of industry fund lobby group the Australian Institute of Superannuation Trustees (AIST), found that 91 per cent of respondents think default funds should be not-for-profit.
The Essential Media poll was based on 1,014 respondents gathered from Your Source’s online consumer panel of 100,000 members.
Seventy-one per cent of those surveyed objected to employers being able to use a default fund that is associated with their bank.
AIST chief executive Eva Scheerlinck said superannuation members’ interests should come ahead of incentives – such as “access to overdrafts of loans at cheaper rates” – offered by banks.
The poll also revealed a lack of knowledge about default funds and their place within enterprise agreements.
“When it comes to trust and reputation, profit-to-member funds are miles ahead, but issues such as poor financial literacy and lack of confidence remain a challenge,” Ms Scheerlinck said.
“One in four people surveyed don’t know if they are in a default fund or not.”
Women are less likely to choose their own fund than men, but women are more likely to take their old fund across to a new employer when they change jobs, the study found.
“Changes to how default super funds are selected have the power to impact millions of super fund members, particularly women who are less likely to choose their fund,” Ms Scheerlinck said.
“We need to make sure that our default fund selection process is going to work for members, not just make money for shareholders somewhere.”
RELATED ARTICLES
Superannuation
Rest strengthens investment strategy with seasoned executive appointment
In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more
Superannuation
NGS Super strengthens leadership with appointment of new Chief Member Officer
In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more
Superannuation
Aware Super triumphs at Chant West Super Fund Awards with top honours
In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more
Superannuation
NGS Super rolls out enhanced member advice services with a focus on accessibility
In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more
Superannuation
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created ...Read more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Parliamentary support heralds a fairer superannuation system for under-18s
In a significant development for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has praised the recent cross-parliamentary support for extending ...Read more
Superannuation
Rest strengthens investment strategy with seasoned executive appointment
In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more
Superannuation
NGS Super strengthens leadership with appointment of new Chief Member Officer
In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more
Superannuation
Aware Super triumphs at Chant West Super Fund Awards with top honours
In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more
Superannuation
NGS Super rolls out enhanced member advice services with a focus on accessibility
In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more
Superannuation
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created ...Read more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Parliamentary support heralds a fairer superannuation system for under-18s
In a significant development for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has praised the recent cross-parliamentary support for extending ...Read more
