With the Australian superannuation industry expected to grow between $3.5 trillion and $4.5 trillion by 2025, there will be significant job growth within the industry, says BNP Paribas.
According to a BNP Paribas and Australian Institute of Superannuation Trustees (AIST) survey, financial planning and investor relations will be the greatest areas of growth.
Approximately 31 per cent of respondents surveyed – including chief executives, trustee directors and senior management – said member relations, advice and services will see the highest levels of job growth.
Respondents also signalled technology and digital services (22 per cent), investment and analytics (19 per cent) and marketing and communication (13 per cent) as additional areas likely to see improved employment prospects.
The survey also found that in order to improve the future of the industry, providing better investor protection needs to be a focus – 47 per cent of respondents noted this as a primary longevity issue.
While the superannuation industry is expected to grow, several funds expect half their members to be retired by 2025.
BNP Paribas pointed out that with this trend, the industry will begin to face challenges.
“Accordingly, developing post retirement pension products and services is expected to be the largest growth segment in the next 10 years for most respondents,” a BNP Paribas-issued statement said.
Moreover, the survey found that further political disruption and increased industry regulation is also a concern amongst industry professionals.