The recently released Financial System Enquiry Report points the way towards improving the efficiency and governance of superannuation funds. The Treasure stated that the government would respond to the report after it had consulted widely with industry and consumer groups.
It’s not unexpected that a financial system enquiry would focus on the financial elements of superannuation. However if one of the Enquiry’s objectives is to ensure that super funds act in the best interests of their members, then it’s a pity that it did not at least acknowledge that a successful retirement is about more than having enough money in one’s retirement fund.
Certainly it’s critically important to have enough money to be financially secure, but unless fund members also think about and manage a range of lifestyle issues, like Health, Relationships and Purpose, to name a few, they are unlikely to find lasting happiness. Super funds know this, but only a few of them are currently offering their members any assistance in these lifestyle areas.