This legislative enhancement occurs amidst findings from the Australian Securities and Investments Commission (ASIC) highlighting that nearly half of millennials lack a sufficient understanding of superannuation strategies. Alarmingly, 31% of this demographic check their superannuation performance less frequently than once a year.
As part of the broader initiative titled ‘How Super Works’, SMC’s video campaign focuses on educating millennials about the fundamentals of superannuation, encouraging them to be active in managing their retirement savings well ahead of their retirement years. Additional resources have also been made available via SMC's website for further engagement.
SMC chief executive, Misha Schubert, emphasised the significance of the upcoming increase in super contributions, pointing out the need to raise awareness so that Australians can optimise their retirement planning. A firm understanding of superannuation can drive individuals to take proactive measures such as comparing fees, verifying investment choices, and making extra contributions.
The campaign stresses that July's contribution increase is a critical nudge for Australians to prioritise their financial future. Engaging with these elements now can set the stage for a more secure and informed retirement.
