Availability and Quality of Super Information
Super Fund associations mostly believe that there are many financial pieces of advice for Australians.
But the majority of them don't choose to use it and don't see any value in spending time or money for such information. This has been the case for those with lower income, who could have benefited from such advice if they only sacrifice a little time and amount for it.
Superannuation fund associations recognize that the majority of people simply manage the immediate financial affairs with insufficient planning for the future. The superannuation guarantee offers a knowledge base during retirement but may prove to be inadequate in many cases regarding retirement. There is concern that people invest in and begin to focus on superannuation at a time which is late and deemed insufficient in building up enough super for retirement.
Report from the Superfund Associations
Superfund associations have reported there isn't necessarily any need for more information, but only for present information to be better in addressing consumer needs.
Superfund associations felt it was crucial for the advice to be accessible to users and be provided in a way that is cost-effective, clearly communicated and presented in different formats with the aid of personal and telephone communication, and the use of online tools like calculators that is applicable to various kinds of members and levels of engagement within the system.
There is sense and degree of cynicism on financial advisors from consumers who are assumed to come from the media. Consumers are concerned that the financial advisers are not acting in their best interest, and they may lose more money due to the lack of support regardless of the advice they are getting.
Is the information shared in this article interesting to you? If it is, then you might want to know more about it on our site - www.australiansuperfinder.com.au
. Or if you feel you need advice on lost super, feel free to call us at 1300 252 167
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