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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Retirement

Superannuation to withstand market volatility

By Cameron Micallef · March 13 2020

Reading:

Retirement

Superannuation to withstand market volatility

By Cameron Micallef
March 13 2020

Reading:

Superannuation to withstand market volatility

By Cameron Micallef · March 13 2020

Reading:

Superannuation funds are well placed to ride out the current global instability despite mass falls in equity markets, according to an industry body.

With the United States S&P 500 having its biggest one-day fall since 1987 today and Australia’s ASX 200 officially hitting bear markets, some super members are worried as their balances fall.

However, Industry Super highlighted that superannuation is well diversed into multiple asset types, meaning members’ funds are able to ride out the COVID-19 virus, despite many of the financial implications being unknown.

Industry Super CEO Bernie Dean highlighted the importance that members do not panic or make rash decisions that will hurt their long-term futures.

“People avoid selling their house during a property market slump because they are worried about making a loss; the same principle should be applied to changing your super fund or investment option immediately after a market drop,” Mr Dean noted.

The superannuation group also noted how members could actually be worse off if they move their funds due to losses being locked in.

At the last major market decline, during the global financial crisis (GFC), savers who moved their money from an average balanced industry fund into cash were $4,000 worse off after three months, $13,800 after a year, $34,800 worse off after five years and after seven years would have lost a whopping $46,000 of potential retirement savings.

“A way to lose money in super after a downturn is to make changes that crystallise your losses,” Mr Dean said.

Mr Dean explained to members that it is important to look at the long-term gains and not focus on the short-term volatility that markets are incurring.

“It is understandable that people are concerned about the impact the coronavirus is having on the economy and their super balance, but it is important to remember that super is a long-term game and the market recovers,” Mr Dean concluded.

nestegg has previously reported The Barefoot Investor’s response about superannuation and the coronavirus.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.