(3-minute read)
For too long, retirement conversations have focused on numbers: savings targets, lump sums and investment returns, with the $1 million benchmark often cited. How can super funds shift this narrative to a more member-centric focus, addressing the holistic needs and aspirations of members beyond just the numbers?
While these questions are important, they don’t address the deeper issue – many Australians lack the confidence to act on their financial futures. This gap between engaged and unengaged members leaves a significant portion of the population unsure about how to approach retirement. Superannuation funds hold the tools to bridge this divide, but the solution requires a shift in focus.
Moving beyond literacy and building financial capability
Achieving better retirement outcomes isn’t just about improving financial literacy. Financial capability—empowering members to make informed decisions, adapt to life changes, and feel secure—is the key.
Super funds play a critical role in this shift by equipping members with tools and insights that make retirement planning more approachable and actionable. This involves going beyond basic financial literacy education and focusing on mindset and behavior—helping members take meaningful steps toward financial confidence.
The confidence advantage
Financial uncertainty often leads to stress and disengagement, while financial confidence provides tangible benefits. Members who feel secure in their financial decisions are better able to manage daily expenses, adjust spending to suit their circumstances, and explore retirement options aligned with their goals.
Confident members are also more likely to engage with their funds, strengthening trust and fostering retention. This creates a positive feedback loop, where stronger member relationships drive better outcomes for both funds and their members.
Digital advice: bridging the gap
Digital advice is transforming how super funds support members, making financial planning more accessible, personalised, and actionable. These tools enable funds to better understand member needs in real time and deliver tailored advice that aligns with individual circumstances.
Evan Poole from ART shared a compelling statistic at ASFA that members who receive financial advice are seven (7) times more likely to contribute to their super and twice as likely to consolidate funds. If super funds are to meet their RIC requirements the choice must be to provide greater access to more affordable and accessible advice.
In J.P. Morgan’s 2024 ‘Future of Superannuation 1.’ report, Siva Sivakumaran from Uni Super highlighted this shift:
“We’re moving into a much more competitive environment with stapling and choice being introduced—we need to fight for every member we get and retain them. Utilising data to personalise service is critical to understanding our membership better, keeping them engaged, and ensuring they stay with us.”
Modern digital platforms do more than simplify financial advice—they foster trust through personalised, ongoing engagement. Proactive features like goal tracking, direct messaging, and feedback loops create a two-way dialogue that ensures members feel supported and informed. Personalised nudges as members approach retirement or tailored guidance during life transitions can enhance member experiences and lead to better outcomes.
Super funds also hold a wealth of data that, when used effectively, unlocks new levels of personalisation. For example, if a member has reported through online tools they have high levels of debt, a recommendation to make additional contributions may not be appropriate.
This precision, applied to member engagement, allows funds to anticipate needs, deliver timely support, and tailor advice to individual journeys, creating stronger, more meaningful connections with members.
A strategic shift
The future of retirement planning lies in empowering members with confidence and capability, not just chasing a financial target. Super funds have an opportunity to lead this shift by adopting intuitive digital tools, integrating data-driven insights, and bridging the gap between operational priorities and member needs.
By addressing these challenges, funds can deliver meaningful support that strengthens engagement and trust while improving outcomes. As a technology provider and industry partner, Bravura is uniquely positioned to meet these demands, combining a deep understanding of super fund operations with tools designed to enhance member engagement and true hybrid advice This holistic approach ensures that both funds and members thrive in an evolving landscape.
Bravura has been an active player in the Australian superannuation and financial services sector for over a decade, ourengaging, intuitive and personalised retirement advice solutions are now supporting millions of Australians to have access to high-quality, hybrid financial guidance anytime, anywhere, helping them achieve better retirement outcomes.
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