CHOICE is the consumer advocate that provides Australians with information and advice, free from commercial bias. CHOICE empowers consumers to engage actively in markets and make informed choices that reflect their best interests and values.
Project: Better Super Through Technology (Stage 2)
In 2015 FLA funded CHOICE to conduct research with consumers on triggers and barriers to engagement with superannuation, and possible solutions.
Stage 2 involves developing and piloting a digital superannuation advice application (‘chat bot’) that can be embedded in social media. The aim is to encourage first steps in increasing engagement with superannuation.
The main audiences are two ‘disengaged’ groups – young adults and expecting/new mothers. For young adults, the key is to increase account consolidation so engaging with their super becomes easier. For expecting/new mothers, the key is to improve awareness of the impact of a career break on retirement incomes and suggest simple actions, where affordable, to reduce this impact.
The long-term goal is to boost retirement incomes. Evaluation report available here.