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APRA stats have shown the final cost for superannuation members saw a total of $37.3 billion withdrawn through the scheme.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.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
