Plum's leading edge offer challenges academics
20 July 2007
This week, Plum Financial Services (Plum) presented a case study on the impact of
behavioural finance and segmentation theories on members' superannuation savings
to a group of academics at the University of NSW's (UNSW) 15th Australian
Colloquium of Superannuation Researchers.
According to Plum's Client and Member Services Manager (Northern Region) and
speaker at the Colloquium, Graeme Humphrys, forums such as the Colloquium are
critical for superannuation providers to access the latest research from the academic
community and consider new ways of helping members achieve adequate savings in
retirement.
'Plum has been at the forefront of thought leadership in the super industry in
Australia, in areas such as member education and behavioural finance, and we
believe we need to continue to find new and better ways to help members save,' Mr
Humphrys said.
'We have invested time and money into developing new offerings like our Escalator
Program, the first of its kind in Australia, and welcome the opportunity to present our
latest findings on influencing member savings patterns at the Colloquium.'
UNSW Colloquium conference convenor Associate Professor John Evans said the
Colloquium aimed to provide a forum for superannuation and retirement income
experts from both the academic and corporate world to meet and discuss their
research and results.
According to Mr Humphrys, forums such as the Colloquium, which give academics
and corporate institutions an opportunity to discuss their research and findings, were
integral in getting optimum savings results for members.
'By combining academic know-how with real life people and situations, we have been
able to develop successful education programs that have a real impact on our
members.'
Mr Humphrys discussed the use of behavioural finance and segmentation theories,
which heavily influence Plum's education program and materials and were also used
to develop the Escalator Program – a program based on SmarT in the US, which
uses the concept of soft compulsion to help members save.
'Our aim has been to get members to consider if they are contributing enough to be
comfortable in retirement,' Mr Humphrys said.
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