Retirement
Has early access to super lifted members engagement?
With the closing of the early access to super scheme the COVID-19 pandemic has seen members’ engagement rise, an industry expert has revealed.
Has early access to super lifted members engagement?
With the closing of the early access to super scheme the COVID-19 pandemic has seen members’ engagement rise, an industry expert has revealed.
APRA stats have shown the final cost for superannuation members saw a total of $37.3 billion withdrawn through the scheme.
Of the 3.5 million Australians who applied to the scheme, 1.4 million took advantage of the two tranches available to them.
The average payment made was $7638. Repeat applications were for an average amount of $8268 while initial applications were for an average amount of $7402.
Australia’s second largest superannuation fund, Aware Super, which had roughly $800 million in funds removed during the scheme highlighted how members were actively looking into their superannuation during the pandemic.
“We have seen more engagement, certainly through the support we provided for members, chief investment officer Damian Graham said.
“Aware super set up effectively a COVID hub which allowed members to find the information that they needed from early release of super to what was going on with markets, so that was really important.
Speaking to the financial services industry in an event hosted by Pritchitt Partners, Senator Jane Hume highlighted how COVID-19 provided a rare opportunity for more consumer engagement with their super by prompting many people to re-assess their finances, Senator Hume said.
“The early release of superannuation was a lifeline for Australians that got them through to the other side of the worst of the economic consequences of the pandemic,” she said.
The new year presents an opportunity to build on those increased levels of engagement.
The Minister highlighted how a number of changes to superannuation under the Your Super Your Future reforms will only further lift member engagement.
“We think superannuation has done a great job to provide a good saving vehicle for members that we expect to continue.
“We also undertook our first annual member meeting, in which we got lots of interaction with members, Mr Graham concluded.
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