Young Workers Multiple Super Accounts Campaign
The ATO is responsible for administering the superannuation system in Australia. It has focused on communicating an extensive range of changes to super over the past few years across various market segments, including industry, super funds and the end users of the super system – approximately 14 million people in Australia who hold super accounts.
In this campaign, the target was Australian workers in the 18-35 year age group, 43 per cent of whom have more than one super account. Even the most basic super accounts charge on average $572 per annum in fees, according to 2014 Australian Prudential and Regulatory Authority (APRA) figures on MySuper accounts. Over the long term, the fees paid on unnecessary super accounts can erode people’s retirement savings considerably (as a simple example, an additional $500 of fees x 30 years of work means roughly an extra $15,000 in fees).
Younger workers tend to be more mobile in the workforce and are therefore at risk of opening up new super accounts with multiple job changes, rather than using the one preferred fund. On the plus side, they also have more years to save up super and acquire healthy super balances upon retirement.
This campaign commenced in National Youth Week 2015 with a focus on the key issue for this audience of reducing multiple super accounts. The campaign encouraged them to:
• use the ATO’s enhanced online services, via myGov, to combine unnecessary super accounts, thereby saving thousands in account fees and charges over time
• consider taking their preferred super account details with them each time they start a new job, rather than opening a new account with each job change.
The campaign slogan was ‘Too many super accounts can mean too many fees’. The campaign used new and innovative paid media channels and social media, as well as metropolitan, regional and youth media. Communication products we developed included a short animated video, info-graphic, web content, media release and radio grabs.
The campaign saw a 35 per cent increase in the audience checking super balances online and a 17 per cent increase in consolidating super, comparing April to June 2015 to the previous three months.