● With rising interest rates and inflation at an all time high, Otivo research has found that almost 9 in 10 (86%) Australians would like their superannuation fund to offer financial advice.
● More than 9 in 10 (90%) Australians would like their super funds to provide advice on issues that affect their ability to add to their super such as mortgage payments , overall cash flow and debt consolidation.
● One in four (25%) Australians have not thought about how much income they would need when they retire.
● Almost 3 in 4 (77%) of Australians believe they’ll have to work longer to have more money to retire.
SYDNEY, MAY 2023: Otivo, a digital advice platform that is enabling advice to be more affordable and accessible to more Australians, has released its Otivo Superannuation Report, divulging what Australians want from their superannuation funds in 2023. The report confirms amid rising interest rates and inflation there is a genuine demand from working Australians for more financial support from their super funds.
The research found 9 out of 10 Australians want personal financial advice and a further 9 out of 10 wanting super funds to provide advice on factors that affect their financial future, such as mortgage payments and overall cash flow.
Otivo is Australia’s first digital advice platform founded by former financial adviser Paul Feeney and has a strong industry board presence chaired by Ian Knox, former founder of Advice business Paragem alongside former MP Hon Bernie Ripoll as a director.
The report, paired with the Quality of Advice review delivered by Michelly Levy earlier this year, supports the fundamental role digital financial advice and technologies should play in redefining the financial future of Australians.
Paul Feeney, CEO of Otivo said, “We know Australians trust their super funds, so they’re perfectly positioned to provide scalable and affordable online advice to help more of their members. As every working Australian looks down the barrel of economically challenging times with rising interest rates and inflation, the Otivo Superannuation report confirms that we need to be equipped with the ability to make informed decisions about savings, debt, mortgage and rental stresses, investments and retirement planning. Technologies, like Otivo, exist to help Australians and superannuation funds are in a position to offer that to their members now:”
Ian Knox, Chairperson at Otivo, continued, “ Right now, superannuation providers are restricted in being able to provide sufficient financial advice, leaving more than 13.8 million working Australians with limited to no access to advice.In this respect, Otivo is a massive step forward as a technology enabler that can be
embraced for the betterment of all Australians.” Otivo’s Superannuation report confirms that working Australians want more support, and they’re looking to superannuation funds for guidance. Australia doesn’t have the human resources to handle this demand. We need to look at a digitalised comprehensive solution that provides a holistic approach to our financial wellbeing, is accessible on line,
cost effective yet considers and supports those who give personal advice the most.”
Knox further commented that legislative support from the Government enabling Super Funds to have payment of advice fees deducted from the members account is a welcome step but noted that it’s essential the fees are minimal, cost effective and not open to abuse. Noting Otivo is able to do this for less than $150 a year he argued Fund Trustees would be serving members best interest to embrace this development.
Otivo believes now is the time for action for Australian superannuation funds to help all Australians.
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