- Walking the walk with a Direct Marketing piece.
At last count, Australians have $20.2 billion in "lost" super accounts. Even though that could mean thousands of dollars for people's retirements, they find that very hard to relate to. And it's even harder to get people to see the sense of consolidating lost super into one larger account. Many emails from AMP to customers on where there money could be seem to disappeared into the ether.
Superannuation is complex. And the vast majority of Australians feel quite disengaged with their own super. Their retirement is separated from the here and now by years, if not decades.
This means most people do not focus on their superannuation until they are close to retirement. And they don’t notice when super goes missing. They will gather a few accounts over time as they progress through their career, generally as they change jobs and churn from one corporate super provider to another. On average Aussies have at least three super accounts.
The problem of having multiple super accounts is acerbated by the fact that consumers often move home. This means their registered address shifts and often they don’t notify their super provider. Once a super provider is unable to get in contact with the account holder their super account is officially registered with the ATO as lost.
Due to numerous marketing campaigns Australians are aware that they have lost super but they find it very hard to summon up the motivation to actually do anything about it. We needed to do something to challenge and shift that inertia.