Learnings from the ASFA Superannuation Conference 2016
This week I had the privilege of attending the 2016 ASFA (Association of Superannuation Funds Australia) Conference on the Gold Coast. It was a wonderful opportunity to meet the industry’s key stakeholders and gauge the mood of the industry ahead of the Federal Government’s announcement next week on changes.
A major focus of the event was around consumer expectation. Don Peppers, a global consumer strategist argued that social networks and rapidly increasing transparency have combined to raise customer expectations regarding trustworthiness. Don was emphatic that Superannuation businesses should be building trust and understanding the power of a valued customer.
Global Ageing Strategist Richard Jackson noted the demographic transformation this way – 50 years ago the elderly population in developed countries was around 3-4% of the total. It now sits at 15% and is projected to reach 35% in countries such as Japan and Germany by 2020.
Another consistent thread in the conference is the unchartered waters we find ourselves in as Fiftyups. This was defined by Laura Demasi from Ipsos as “The Age of Agelessness” where there are no rules of engagement. This is the most disruptive demographic shift of our time and age is now seen as nothing more than a number. As Laura rightly concludes, 60 isn’t 80 so why do we treat them the same?
We’re branded 55+, not only by governments but by industry and society as a whole. Going by the current life expectancy in Australia what’s 35 years! Which other demographic is lumped together like this? As an example, in media terms demographics are broken down like this:
- 10-17 (7 years)
- 18-24 (7 years)
- 25-39 (15 years)
- 40-55 (15 years)
- 55+ (30 years at least)
By way of example, I’m 52 and I love to occasionally listen to AC/DC, go kayaking and get my eyebrows waxed. My 15 year old does these things also. My 82 year old mother on the other hand likes Andre Rieu, slow walks on the beach and wouldn’t go within 50 metres of a hot wax pot. Yet there is only 30 years difference between my mother and I and 37 years difference between my daughter and I.
The point is we’re breaking every stereotype and making this up as we go along. I don’t know how to be a 52 year old, I’ve never done it before. I can only go by how I feel and I feel great. If anything is going to slow me down as I age it’s health and money.
Hopefully modern medicine will look after my body and my superannuation fund will look after my investment. I’m here at the conference making sure they do just that!
