Australians are turning to artificial intelligence to help them understand their super and prepare for retirement, with new research revealing they’re doing so because they currently can’t access affordable guidance and financial advice from safe and trusted sources.
Research by RepTrak commissioned by the Super Members Council found:
- two-thirds of Australians had either already used AI for super and retirement information - or would consider doing so
- more than one in three Australians have already used tools such as ChatGPT, Gemini and Claude to obtain information about super and retirement
- among those who have used AI, it is most used to learn the basics, ask questions and compare options,
- while more broadly, most Australians expressed concerns about privacy, security and accuracy and would prefer speaking to a human about sensitive personal financial information.
The RepTrak findings suggest Australians are embracing AI as a convenient and accessible source of information but remain cautious about relying on it for major financial decisions.
Super Members Council CEO Misha Schubert said the research highlighted a huge and growing need for affordable, trusted financial guidance which outdated laws prevent people’s own trusted super fund from being able to deliver to them.
"Australians are increasingly turning to AI because they are looking for simple, accessible and affordable help to understand their super and retirement options,” she said.
"But people are also telling us they really don't want to rely on AI alone. They want trusted sources of information, strong consumer safeguards, and access to human support and reassurance when making financial decisions that will affect their future."
The research found nearly half of Australians would verify AI-generated information by checking directly with their super fund, while many would also seek confirmation from government websites, financial advisers or other professionals before acting on the information.
Ms Schubert said the findings reinforced the need for Government to urgently legislate its long-promised Delivering Better Financial Outcomes reforms – first pledged more than three years ago - to make it easier for Australians to access safe, trusted, simple, affordable financial advice.
"Australians shouldn't have their advice options limited to only expensive full-service comprehensive financial advice on the one hand or the Wild West of unregulated AI tools on the other, with nothing in between to serve the needs of 'the missing middle',” she said.
"The rise of AI highlights the urgent need for more accessible sources of trusted financial guidance. Australians deserve access to safe, affordable and reliable advice that helps them make informed decisions about their retirement."
“Legislating the Delivering Better Financial Outcomes reforms will help more Australians get the guidance they so desperately need and want from trusted professionals and institutions with strong consumer protections."
The research also found strong consumer interest in AI tools designed and delivered by trusted super experts, suggesting Australians are open to technology playing a greater role in financial education when backed by credible organisations, clear oversight and reliable information.
About us:
The opinions above are those of the author in their capacity as spokesperson for Super Members Council of Australia (SMC). SMC, the authors and all other persons involved in the preparation of this information are thereby not giving legal, financial or professional advice for individual persons or organisations.
Contact details:
Matt Read, 0432 130 338, [email protected]
