Australian superannuation funds spend $274.6 million on advertising and marketing in the year to June 2023, according to data released by prudential regulator APRA.
AustralianSuper accounted for $43.1 million, Aware Super $28 million, CBUS $27.4 million, HESTA $24.3 million, Australian Retirement Trust $17.3 million, HOSTPLUS $12.5 million.
APRA, in its spreadsheets of super funds' expenditure, doesn’t separate advertising and marketing expenses.
Media agency Initiative is listed as getting about $28.3 million from a range of funds, including CBUS, HOSTPLUS and Care Super.
Google Australia received $12.6 million.
Atomic 212 is listed as being paid $8.9 million by Aware Super
WPP’s digital design and communications agency AKQA is shown with almost $1.4 million from HESTA and $143,000 from AustralianSuper.
It’s Friday got $1.14 million via three funds, including Colonial First State FirstChoice Superannuation Trust.
Half Dome is listed with $495,000 via Telstra Superannuation Scheme.
BCM had $166,000 from LGIAsuper.
Ikon Communications was listed with $705,000 from Colonial First State FirstChoice Superannuation Trust
Bastion Reputation management had $256,800 from HOSTPLUS
CHEP received almost $875,000 from AMP and $150,000 from Wealth Personal Superannuation and Pension Fund.
A range of LinkedIn entities gathered a collective $377,000.
Facebook received $385,000 directly from a range of funds.
Mary Delahunty, the CEO of ASFA (Association of Superannuation Funds of Australia), said marketing expenditure is a tool that helps funds communicate effectively with members about their retirement savings, assisting members to make good decisions.
She said advertising/sponsorship, at 5.5% of the aggregate data, is an average of $12.97 per year per member account.
"This approach is no different from marketing practices across the financial sector, including banks and insurers with substantial budgets dedicated to customer engagement and service," she said.
"In a landscape where funds have delivered consistently strong returns for members, ASFA emphasises the need for a balanced view of marketing and related expenditures.
"The real measure lies in whether this contributes to informed member decision-making, supports the long-term growth of retirement savings and ultimately delivers strong returns."
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.