The Investment and Financial Services Association (IFSA) has recommended that estimates be included in superannuation fund statements as it says the move would increase people's interest in their retirement savings plans.
"IFSA members support the development of a regulatory framework that will enable funds to include such information within member superannuation statements," the association said in a consultation paper to ASIC.
The IFSA paper was in response to a call on the superannuation industry from ASIC, to provide a solution to the current apathy people have toward their superannuation plans.
Around 46 per cent of workers rely on the minimum contribution, and up to 33 per cent of workers who do put in extra money do not contribute enough for an adequate retirement, according to ASIC.
IFSA commissioned a small scale survey to canvass people's attitudes toward their superannuation, to help formulate a response to the regulator's request.
The survey found that estimates made super come alive for those respondents who had previously shown little interest in the subject. People in their 20s and 30s turned out to be especially sensitive to future projections.
The survey was conducted in October by CoreData, among 16 investors.
"The level of engagement will depend on how clearly, simply and concisely the information is presented within the superannuation statements sent by funds," said CoreData partner Craig Philips.
