superannuation engagement explained

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It is commonly held that a critical issue for Australian superannuation is that Australians are disengaged, and defaults are not enough to ensure disengaged individuals maximise the opportunities afforded by the superannuation system. Resultingly, we see those individuals with low superannuation engagement suffer from lower adequacy and longevity or utilisation of their superannuation income.

Critically, research confirms that superannuation engagement is not binary, is not fixed, and that lazy stereotypes of Australians as disengaged are not appropriate. Rather superannuation engagement exists dynamically on a continuum meaning there are many Australians who are in fact knowledgeable about, involved with, and highly engaged with their superannuation. 

Then an opportunity exists to identify and target individuals with low superannuation engagement, so that members who are on track for a retirement with poorer income adequacy and longevity or utilisation, can be assisted. Additionally an opportunity exists for funds to identify and interact differently with those individuals who are already highly engaged with their superannuation.