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- W2288958051 abstract "The primary objectives of this thesis were to evaluate whether superannuation fundprovided educational resources provide superannuation defined contribution fundmembers with the required information to assist them in making informed choicesregarding their superannuation investment funds; and to determine the importanceusers place on this information for their overall superannuation investment decisionmaking. It was also an objective to determine which educational resources were notbeing used by defined contribution fund members and why members failed to usethem. The importance placed by defined contribution fund members on other nonsuperannuationfund financial education resources for superannuation decisions wasalso investigated.The study was motivated by the growing literature that suggests that individuals failto conform to rational economic behaviour when it comes to saving for retirement.The literature shows that many individuals lack the capacity or willpower toadequately plan or execute a retirement savings plan. Individual behavioural traitssuch as inertia, procrastination and heuristics, lead to behaviour that was inconsistentwith the economic retirement savings model (life-cycle model). It was found in theliterature that workers exposed to financial education were more likely to save andhave a better retirement savings plan. The review of the literature shows that theeducational seminar, website, written communications and financial counselling wereall effective educational resources that changed an individual’s retirement savings andinvestment behaviour.To address the research objectives, a web-based questionnaire survey waselectronically mailed to a cross-section of university staff purposively chosen from 26universities across Australia. Both academics and non-academics were represented inthe sample. The survey yielded a response rate of 30.1 percent. The responses to thequestionnaire indicated that a large majority of respondents considered thesuperannuation fund provided educational resources to be important for theirsuperannuation financial decision making. It was shown that the superannuation fundwritten communications were the most used educational resource and that financialcounselling was the least used. The respondents believed they were being informed onsuperannuation matters when they utilised the superannuation fund providededucational resources. A lack of time and a lack of motivation were factors thatreceived most agreement from respondents as reasons for not utilising thesuperannuation fund educational resources. Friends and colleagues were also found tobe an important information resource when it came to a respondent’s superannuationdecision making.Statistical inferences drawn from the data indicated that certain demographic groupswere less likely to utilise both the superannuation fund provided resources and othernon–superannuation fund educational resources. Females, younger individuals, thosewith low superannuation balances or low knowledge of financial matters were the keygroups identified as less likely to utilise the educational information offered to themby the superannuation fund and from other sources." @default.
- W2288958051 created "2016-06-24" @default.
- W2288958051 creator A5019948304 @default.
- W2288958051 date "2009-09-01" @default.
- W2288958051 modified "2023-09-27" @default.
- W2288958051 title "The role of financial education in a choice of fund superannuation system" @default.
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