CANSTAR?s analysis of more than 77,000 visitors that have actively searched for specific superannuation funds on the canstar.com.au website this year has uncovered some interesting insights into what consumers are looking for with regards to their superannuation.
While there is undoubtedly a percentage of the population that remain disengaged with their superannuation, it has been great to see increasing numbers of Australians researching their super options and reading a lot of the online education material we provide.
In particular there are certain superannuation topics that have enduring appeal, attracting thousands of readers each month. Top of the list, quite interestingly, is the difference between retail and industry funds. It is a distinction that seems to confuse many people. Superannuation fees are also a hot topic, and life insurance within superannuation rounds out the top three most popularly-searched topics.
Each year we research and rate superannuation products that are directly available for individuals to purchase without an intermediary (e.g. a financial planner). This year we have assessed 67 superannuation funds, both industry and retail funds, to determine the value they provide to Australian workers at various stages of their life. The life stages we assess for are:
Starter (Low balance, starting out in the workforce) Builder (Reasonable balance with focus on long-term growth) Established (Larger balance, with focus on long-term growth) Pre-Retiree (Significant balance and focus on reaching retirement objectives) Wealth Accumulator (Substantial balance, with focus on investment growth)