The Association of Superannuation Funds of Australia (ASFA) has so far received more than 60 entries in a behavioural economics experiment that CEO Martin Fahy said was designed to test young Australians’ commitment to and understanding of superannuation.
Dr Fahy said it was not surprising most entrants in the ASFA Youth Week 2017 Competition were opting for $1,000 in super rather than $300 cash.
“I urge as many young Australians as possible to get their entries in to this easy-to-enter competition,” he said. “If you are aged 25 years or under, simply send an email or a video to YouthWeek@superannuation.asn.au and tell us which prize you prefer and why.
“Entries close on Good Friday at 5pm, so you still have time to enter and we hope to see a rush of new entries and interest in this topical prize.
“We are looking for demonstration of skill and reasoning and have so far received a range of excellent entries, some with quite technical calculations and rationale and some particularly engaging ones from young workers.
“It’s been great to see media get behind the experiment too and help ASFA promote key financial literacy messages for young Australians.”
Dr Fahy said the superannuation industry was concerned many young people were failing to engage with super and missing out on the magic of compound returns and the tax benefits of super.
“Super is critical for young Australians and every Australian to build wealth and create a better future,” he said. “It is heartening to find young people demonstrating their affection for super as a long-term gain worth investing in.”
Young Australians tend to have more money in their superannuation accounts than their bank balances, yet 40 per cent of them have no idea what their super balance is and a further 16 per cent only have a vague idea.
ASFA found more than 60 per cent of young Australians have multiple super accounts due to lethargy in consolidating them and 30 per cent report trouble in finding old accounts, despite ready online access available via MyGov.
Dr Fahy said young Australians should understand that super was a compulsory payment, part of their entitlements and something worthwhile to invest in.
“Super is a universal human good and Australia has one of the best super systems in the world, so for young people, it’s a winning bet,” he said.
For further information, please contact:
Teresa Mullan, Media Manager, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity. We focus on the issues that affect the entire superannuation system and represent more than 90 per cent of the 14.8 million Australians with superannuation.