To achieve a comfortable retirement.
Equip Super has launched The Next Chapter, a multi-platform campaign designed to educate Australians on how they can equip themselves with the education and tools needed to achieve a comfortable retirement.
The superannuation fund combined insights from internal member research and primary market research of nearly 6,000 Australians, and discovered that members are thinking about retirement, but not considering their own specific retirement needs and timing.
The Next Chapter will expand the fund’s member support offerings in terms of both visibility, education and accessibility, addressing gaps highlighted by the research, which revealed a lack of understanding toward retirement amongst pre-retirees.
Scott Cameron, Equip Super’s CEO, said the aim of the campaign is to raise awareness of the existing tools which are available to members, and to get Australians thinking about planning for retirement as early as possible.
“It’s never too early to start thinking about your post-career future, so we’ve developed a series of education modules, including videos, tailored to pre-retirees and those nearing, or at, the point of retirement, emphasising the different circumstances of each person," said Cameron.
A range of digital resources, education material, calculators and easy access to tailored financial advice services, will be supported with an integrated campaign including social media, digital and video advertising.
Cameron said that from the research, they know that many of their members are financially savvy and aware.
“We found that 65% of Equip Super’s members who have retired are confident about current investment market trends, with 73 per cent confident in their understanding of different investment approaches and strategies," he said.
“We found that nine in ten of our pre-retiree members are already thinking about their retirement income needs – however, concerningly, close to half don’t actually have a plan in place to achieve this."
The research showed that over 40 per cent of pre-retiree members have either no formalised plan, or no plan at all, for their future retirement goals.
“Retirement needs and goals vary greatly from member to member; likewise, each member has a different financial situation, which influences their retirement planning," said Cameron.
“Our internal member research revealed that our retirees’ greatest need is personalised, one-on-one advice. We have fully qualified, experienced financial planners who are able to provide this tailored, proactive guidance2,” said Cameron.
Investment market trends, and different approaches to investing, were another key takeaway from Equip Super’s market research, with 50% of Equip Super pre-retirees confident about current market trends.
Cameron said they saw an opportunity to bolster the way people access advice and tailored support before they reach the point of retirement, because that’s where confidence and understanding is lacking.
“Setting our members up for a strong retirement is our number one priority, as they're the reason we exist as a fund," he said.
”While our research showed that our members are largely happy with the direction life is taking and their vision of the future, we want to ensure they’re making the most of the support and advice services that Equip Super has to offer."
