gave the correct response to at least two of the three financial literacy questions (Q27, Q28 and Q29) had no more than one of the ten characteristics of being informed (see below). ‘poorly’ A member is characterised as if they fulfil at least one of the following ‘poorly informed’ ten criteria: gave the correct response to two or fewer of the eight valid questions on superannuation literacy (Q1a) stated that they had including selfmanaged/DIY EXCLUDING ‘Superannuation, – selfmanaged/DIY in in question S2a but when asked what type of pension phase’ superannuation fund they had in question S3a they responded of or ‘None these’ ‘Can’t say’ could not say what type of funds (for example, retail, industry) they had in questions S5a to S5e could not say which of their funds is their main fund (S7) responded with when asked the amount of money in their ‘Can’t Say/ Don’t Remember’ main fund (S8a) and when subsequently asked to choose between three categories ‘To the best of your also responded that they knowledge’ (S8b) ‘Can’t Say/ Don’t Remember’ were retired and responded with when asked how old they ‘Can’t Say/ Don’t Remember’ were when they retired and accessed their superannuation (S8d) claimed to have never heard of MySuper before the day of the survey (Q2a) stated that they had no of their fees and charges in their main fund understanding ‘at all’ (Q3a) stated that they have no of how their money is invested by their understanding ‘at all’ main fund (Q3e) stated that they either do not read their superannuation statements or that they do not understand the statements (Q5b). ‘at all’ A member is characterised as informed if they are not and not ‘moderately’ ‘wellinformed’ ‘poorly informed’. Categorising active and passive engagement A member is characterised in the 12 months prior to the survey, they ‘actively engaged’ if, had done one of the following (from Q15b): joined their current main fund checked / changed the investment options within their superannuation fund checked / changed insurance options within their superannuation fund.
gave the correct response to at least two of the three financial literacy questions (Q27, Q28 and Q29) had no more than one of the ten characteristics of being ‘poorly’ informed (see below). A member is characterised as ‘poorly informed’ if they fulfil at least one of the following ten criteria: gave the correct response to two or fewer of the eight valid questions on superannuation literacy (Q1a) stated that they had ‘Superannuation, including selfmanaged/DIY – EXCLUDING selfmanaged/DIY in pension phase’ in question S2a but when asked what type of superannuation fund they had in question S3a they responded ‘None of these’ or ‘Can’t say’ could not say what type of funds (for example, retail, industry) they had in questions S5a to S5e could not say which of their funds is their main fund (S7) responded with ‘Can’t Say/ Don’t Remember’ when asked the amount of money in their main fund (S8a) and when subsequently asked to choose between three categories ‘To the best of your knowledge’ (S8b) also responded that they ‘Can’t Say/ Don’t Remember’ were retired and responded with ‘Can’t Say/ Don’t Remember’ when asked how old they were when they retired and accessed their superannuation (S8d) claimed to have never heard of MySuper before the day of the survey (Q2a) stated that they had no understanding ‘at all’ of their fees and charges in their main fund (Q3a) stated that they have no understanding ‘at all’ of how their money is invested by their main fund (Q3e) stated that they either do not read their superannuation statements or that they do not understand the statements ‘at all’ (Q5b). A member is characterised as ‘moderately’ informed if they are not ‘wellinformed’ and not ‘poorly informed’. Categorising active and passive engagement A member is characterised ‘actively engaged’ if, in the 12 months prior to the survey, they had done one of the following (from Q15b): joined their current main fund checked / changed the investment options within their superannuation fund checked / changed insurance options within their superannuation fund.
superannuation-assessment-draft-supplement1.docx