The Association of Superannuation Funds of Australia (ASFA) has predicted less money will be going into main balanced options as Australians become more educated about their investment options.

ASFA director of policy and practice Melinda Howes said super fund members who had been burnt by the downturn would now be looking at their options with more restraint.

"There will be less money in main balanced options and there will be a downturn in investment in growth options from older members in particular," Howes told the Actuaries 2009 Biennial Convention in Sydney this week.

Watson Wyatt principal Nick Callil agreed.

"Between 1991 and 2007 there was evidence of overspending. But now in early 2009 retirees are cutting back on their spending," Callil said.

He said investors often changed their habits in line with the investment performance of their retirement portfolio.

Howes said as a result of this trend there could be some future constraints on liquidity.

"With the increase in products and advice we will see patterns where members move their money around a little more," she said.

She said super funds could possibly hold capital as a way to combat the liquidity risk.

"Holding capital can cover additional costs where liquidity issues arise, but also for other purposes such as marketing," she said.

"The world is changing and we must change the way we think about where the money is going to be in years to come and it won't all be in the balanced option."