Nearly half of millennials admit to not being knowledgeable about maximising their superannuation, despite having had access to compulsory super from the start of their careers. This lack of engagement poses a challenge, as super funds may be failing to meet millennials’ expectations, contributing to this issue.
The current approach of super funds, which often involves complex jargon and a lack of transparency, is not resonating with millennials, who are more focused on immediate financial goals. This disconnect could lead to a loss of trust and disengagement from the super system, potentially impacting their long-term financial health.
The panelists at a recent ASIC roundtable suggested that super funds need to evolve by providing clearer, more relatable information, and tools that help members connect with their super. ASIC’s Moneysmart offers free resources to help consumers plan for their financial future, encouraging millennials to take control of their super without additional financial strain.
By engaging with your staff about their short and long-term financial plans, you can build a better understanding of where your staff see their future and how your company is (or isn’t) part of it. We can discuss short and long-term employment plans for your company so that regardless of what your staff do, you always have a plan and a clear direction.
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