A researcher from The University of Western Australia, in collaboration with finance professionals and start-up entrepreneurs, had developed an interactive mobile app that helps simplify and explain the complex workings of the Australian superannuation system.
Dr Elizabeth Ooi, a Lecturer in Accounting and Finance at the University’s Business School, co-founded the company behind the mobile app after realising that most Australians do not fully understand how much super they have, which super fund they are with, or where their money is invested.
About the App
According to a recent press release, Understanding Super is an application that focuses on educating Australians about the key decisions they need to make in order to feel confident about their superannuation balance and growth.
Understanding Super utilises contemporary learning techniques such as infographic videos and interactive activities to introduce basic super concepts and terms, while presenting some common decisions a typical Australian might face.
The app is aimed at a general audience but is especially useful to younger people, who are facing the complex challenges of super for the first time after entering the workforce.
Background of the Initiative
Superannuation is a system where money is placed in a fund to provide for a person’s retirement.
It is a vitally important part of the lives of many people. However, it is often a very difficult concept for a lot of the workforce to grasp.
For some, it is the difference between retiring in comfort and retiring on a frugal income.
Surveys continuously show that Australians are confused about superannuation and this can be attributed to the fact that the information currently available is often complex.
The app was developed to achieve the aim of making a difference by helping people become financially literate, not to turn them into superannuation experts.
Understanding Super is available on all major app stores and will be translated into eight languages. These languages include the following:
- Arabic
- Chinese
- French
- German
- Japanese
- Hindi
- Italian
- Spanish
The app will be accessible later this year.
The team realised that there was a large subset of people who might be struggling to understand super, not just because of its complexities, but also because of a language barrier.
They worked together with students from the Master of Translation Studies program at the University in order to translate the contents of the app into additional languages.
Doing so had guaranteed that the information will be made accessible for international students and new migrants.
The development of Understanding Super was funded by CPA Australia, UWA’s Business School and the Faculty of Arts, Business, Law and Education.
