It’s a confronting, but probably not surprising fact, that only one in two Australians are engaged with their super. Confused and unconfident about how to monitor its performance and make decisions around super, millions of Australians have it on ‘set and forget.’ In other words, their super is on autopilot. In research conducted by Colonial First State, 51% of Australians admitted that autopilot is their current approach to their super.
Which is little wonder given that two in five of us find super confusing and 60% of us are unsure how their super performed last year.We simply trust that our super fund will offer competitive returns and fees.
In a new campaign created by agency It’s Friday, Colonial First State wants to jolt every Australian into being more involved with their super to make sure that it’s not sitting in an average fund, headed for an average retirement.
Launching across film, outdoor, radio, social and digital, the launch film depicts a range of ordinary Australians going about their daily lives, busy with work and family. What they don’t realise is that they’re hurtling across an unpromising landscape on a train – a metaphor for the decidedly average retirement their super’s headed to on autopilot.
Colonial First State is their way off the train and towards a more prosperous retirement.
Josh Grace, Group Executive, Customer Office at Colonial First State said: “Being on autopilot with your super is an easy trap to fall into. The industry has conditioned Aussies to set and forget. But paying high fees or enduring poor performance can have a major impact on your retirement savings. In fact, they might be shocked at just how average their recent performance has been.
“With this campaign, we want to get people off autopilot and realise that it’s easier than they think to defy average simply by switching to Colonial First State. It’s one reason why CFS customers have amongst the highest confidence and preparedness for retirement.”
Vince Lagana, CCO of It’s Friday, added: “It’s eye-opening that so many Australians don’t know what their super is doing, or where it’s heading, but it shows just how common being on autopilot is. This powerful creative insight formed the basis of a simple and relatable message highlighting how Colonial First State gives Australians ways to switch off autopilot so they can easily take control of their super and avoid an average retirement.”
