Every week an article appears telling us the vast majority of Australians aren’t engaged with their super. Yep, that’s true. Why would super be top of mind for anyone under 40 or 45? It happens automatically, like your weekly pay going into the bank.
The question is, how do you get people to take an interest? When they want to learn and have a learning moment is the best time to educate. Often this happens when a person is starting a new job, ending a job, or gets in touch with the fund.
Mostly, the employer, direct manager or HR are going to be handing out the contracts and forms to start a job, or receiving notice when an employee leaves. If there are questions, these people are often the first asked for guidance.
I saw this in practice as a trustee representative. I had a couple of stores in my territory where the staff would line up to ask questions and check their balances. Almost every employee had triple in their accounts compared to other employees in this chain of stores. Why? When they started, the payroll manager explained how additional contributions would help them to have money in retirement, then suggested they start now, adding 3% of their wage. Almost all women, they had balances often equal to their partners. All because someone cared enough to explain the benefits and engage the staff.
They can be cheerleaders and your sales force if you spend time educating them on the basics of contributions and compound interest.
It makes sense, then, to spend some time talking to managers in these positions. How should you engage a manager working outside financial services? In person, as It gives them an opportunity to ask questions, unlike newsletters and emails. Once a manager is excited about an idea, they share it with the people they manage, selling them on the idea too.