Doing nothing can be very expensive

Vanessa Stoykov,  creator,  No More Practice

Did you know that Aussies are paying $2.6 billion extra a year because of unintended multiple superannuation accounts? That’s $1.9 billion in excess insurance premiums, and $690 million in excess administration fees. It’s a fact, the Productivity Commission made this estimate recently.

While the press surrounding this number focussed on the finance industry itself, and ran headlines like “the greatest financial scam”, I believe this statistic is evidence of so much more.

It means that Australians are, by and large, unengaged with their superannuation. It means that they don’t understand it, that it is easier to ignore it, and that savings for the future are not valued because it is not accessible.

This is the biggest shame of all. Because if there’s one thing I have learned about money, it’s that you need to take responsibility for it yourself. You don’t have to have the skills of a financial planner or a

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Mark Rees

12/09/18

Well said Vanessa. I find that I try to provide a service to people apathetic about their super then the Royal Commission & Industry Funds smashes someone like me for daring to ask for a fee. Not to mention the compliance that goes through the roof & is quite stupid sometimes. Like even if I suggest they stay with their Industry Fund that they know nothing about & receive no service from, I have to get approval from my Dealer Group because the Fund is not on their APL. I end up avoiding the situation now which is a shame. Wish I knew the answer but old fashioned service doesn't seem to be appreciated.

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