Superannuation fund First State Super plans to tackle the issue of poor retirement knowledge of its members by introducing a financial advice model.
According to a study by First State Super, only 31 per cent of its surveyed members have a clear idea of how much they would need to live on in their retirement
The survey also found that almost a third of the fund's members are planning to ease out of the workplace by opting for part-time work prior to retirement.
"Our study found that the most important issue for all members, but in particular for those aged 40 to 55, was to find out how much would be enough to fund their post working years," First State Super chief executive Michael Dwyer said.
To provide its members with information about their retirement, the fund is considering the introduction of financial planning to its members.
"The board is looking at an appropriate financial advice model for our members. We are considering the extent of advice our members need and how they will pay for it," Dwyer said.
The fund already has marketing programs in place that help members understand their superannuation needs. Members can access the fund's website which includes calculators that determine how much they need for retirement and information about salary sacrificing.
This year, the fund took out an excellence award in the member marketing and education communication category from the Association of Superannuation Funds of Australia.
"One of the issues that super funds and policy makers still have to address is helping Australians understand how much they will need to live on retirement," Dwyer said.
The study surveyed 12,000 of First State Super's 508,000 members.
