Even before the global coronavirus pandemic disrupted the global economy, financial stress was already being widely reported by as many as 60% of Australian workers. Almost 50% of Australian workers spent more than three hours per week dealing with financially related issues, and the concern over having financial difficulties had increased to 71% of employees in 2019.
|
A recent study by AMP found that financial stress impacts two in five workers during their careers and costs Australian businesses an estimated $31.1 billion per year in lost revenue. In an on-demand SS&C podcast hosted by Shaun McKenna Senior Director – Product, Sales and Client Relations, SS&C Technologies, we discuss the issue of financial wellness with our guests Steve Freeborn, Head of Superannuation, Rice Warner, and Shannon O’Shea, Partner and Head of Member Services, Aon, and address ways Superannuation funds can support the financial wellness of members.
|
The retirement industry was already fast-paced and dynamic before 2020, as an aging population prompted providers to evolve their retirement plans and practices. Flexibility and efficiency have become standard as firms face increased competition, regulation and complexity. Layer in the uncertainties and catalysts over the past several months, and the pressure has only heightened.
|
Are Australian superannuation fund providers doing enough to communicate with their members and support their financial wellness? SS&C’s recent Superannuation Stealth Survey measured members’ perceptions of their fund’s digital tools and communication methods. The results revealed several areas of opportunity for Australian superannuation funds to engage members through more effective content, gaining a competitive advantage in retention through members’ education and financial wellness.
|
SS&C recently conducted a Superannuation Stealth Survey to measure members’ perceptions of digital tools and communication channels. Our research found that there is a huge opportunity for Australian superannuation funds to deliver more engaging communications and gain a competitive advantage in retention through new technology.
|
Huge growth in demand sounds like a great problem to have. In the past decade, participation in UK defined contribution (DC) pension schemes has seen a record increase. A combination of pull factors, such as a strong global economy and low unemployment, have been further boosted by push factors, including the phase-in of automatic enrollment.
|
The Department of Labor (DOL) has issued final regulations providing two new safe harbors for retirement plans to furnish required disclosures by email or other electronic means to participants and beneficiaries. The first new safe harbor follows a Notice and Access framework, whereas the second alternative safe harbor utilizes a direct e-mail model for delivery of ERISA required documents.
|
Since the start of the COVID-19 crisis, most of us have been flooded with pandemic-related updates, insights and communications from our employers, retirement plans and financial advisors. Equipping individuals with content that helps educate and empower them to make better decisions is a key capability and highly valued by stakeholders. During this crisis, it has become invaluable.
|