JOINT MEDIA RELEASE

'SMARTER SUPER – MAKE THE MOST OF YOUR RETIREMENT’
NEW FINANCIAL LITERACY GUIDE FOR CONSUMERS

Sydney, 1 June, 2005: The Australian Bankers’ Association (ABA), the Financial Planning Association (FPA) and the Investment and Financial Services Association (IFSA) have produced a free financial literacy guide – Smarter Super – Make the Most of Your Retirement.

The three associations have worked together on this guide which will assist employees who are able to choose their own superannuation fund when Choice of Fund is introduced on 1 July.

The ABA, FPA and IFSA all understand that superannuation can be difficult to comprehend and decisions can seem complex. That’s why the associations have produced Smarter Super – Make the Most of Your Retirement which may help explain some of the technical aspects of superannuation, provides useful tips and suggestions to make it a little clearer.

David Bell, Chief Executive of the ABA, said: “While everyone’s requirements for a super fund are different, there are some standard features which anyone should expect from a good fund. The guide contains a Super Fund Checklist which may assist. You can also use these points as a guideline to compare what your current fund offers with other funds, or to help you feel confident your super is in the most appropriate fund.”

“The three associations agree that education is key to improving understanding of superannuation and we hope that combined efforts of industry and government can assist consumers. It remains a fact that Australians are not saving enough for retirement resulting in a gap between the expectation and the aspirations for their standard of living in retirement and what the present system will actually deliver.”
 
 “A Commonwealth Bank survey  which focused on the pre-retiree market found that 78% of pre-retirees knew little or nothing about the types and styles of investments in their superannuation and only one in seven consider planning for retirement a top priority. And an ANZ report  also found that many people have unrealistic expectations with 50% expecting to be living at least as comfortably in retirement as they are today.”

Kerrie Kelly, CEO, FPA, said: "Smarter Super will help to put Australians in the driving seat when it comes to their super and retirement planning.  Armed with the facts, they will know the questions they need to ask to gain the understanding that allows them to make sound decisions."

Richard Gilbert, CEO, IFSA, said: "It is important that consumers receive accurate, reliable, savvy and user friendly information about their superannuation - and particularly about Choice.  This guide does all three, and IFSA is pleased to have been able to work with the ABA and FPA in its preparation."

Notes for editors:

Copies of Smarter Super – Make the Most of Your Retirement can be sourced from the ABA, FPA or IFSA.

	ABA	FPA	IFSA
Read Smarter Super online at:	www.bankers.asn.au	www.fpa.asn.au	www.ifsa.com.au
Call for a free copy:	Freecall: 1800 009 180	Freecall: 1800 626 393	Phone: 02 9299 3022