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Tom Elliott rejects idea Australians are being ‘ripped off’ by their super funds

Article image for Tom Elliott rejects idea Australians are being ‘ripped off’ by their super funds

Tom Elliott says Australian students need to be taught about how superannuation works after a report today recommended an overhaul of the system.

The Productivity Commission released a scathing report into the superannuation system, accusing funds of short changing members and urging Australians to consolidate their funds or miss out on potentially hundreds of thousands.

But Tom says people need to engage with their financial future.

“I’ve been hearing people talk about superannuation, how complicated it is, how the system is allegedly ripping off working Australians,” he said.

“I can tell you most of that is nonsense. Utter nonsense.

“All we have to do is teach people about it.

“Quite frankly, super while it can be complicated and boring, it is understandable. It is not that difficult.

“People have got to want to engage with their super.

“The solution is simple – teach it at high school.”

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