The CSIRO-Monash Superannuation Research Cluster has provided us with an update, which includes the latest research papers.
The cluster will have, at its completion, finalised 45 working papers to address the themes of 'superannuation and the economy' and 'Australians over 60'.
An overview of the key findings of the most recent working papers
1. Do our workplace peers influence our retirement savings investment strategy?
Researchers explored three different ways that peer influence can change savings choice behaviour, and found that yes, peer behaviour is an important influence.
Retirement Savings Trajectories: An Analysis of the Experience of Fund Members, Part Two: Individual and Peer Moderation Effects on Member Investment Choice
2. What are the categories, drivers and timing of advice-seeking by defined contribution members as they head into retirement?
The relative significance of these three factors changes with age, in terms of how it relates to advice-seeking. Admin takes over prior to age 40, with the ages 55-59 valuing advice-seeking for retirement planning.
Approaching Retirement: The Categories, Timing, and Correlates of Advice-seeking
3. How did the account balances of those super members who switched investment strategy after the GFC?
The minority of members who switched strategies after the global financial crisis are assessed compared to those who stayed in the default option.
Member Retirement Investment Behaviour and Performance
4. Are most hedge fund managers passive or active?
Two-thirds of hedge funds exhibit only linear factor exposures, and are therefore passive. Passive managers tend to outperform active managers, showing that many active managers eventually become passive.
Passive Hedge Funds
5. What are the implications of an expanded superannuation sector on our finance industry?
An increase in the Superannuation Guarantee rate drives important short-run structural shifts in the Australian economy, with these including commercial banking sector expansions, with debt-to-equity ratios rising, and foreign financing debt falling.
A Modelling Framework for Analysing the Role of Superannuation in Australia’s Financial System
6. What are the implications of these structural shifts? (From 5)
Macroeconomic stability will be impacted by a rise in the level of private-debt-to-income and a reduction of net foreign aid financing. An increase in demand for corporate debt liabilities by financial asset agents (like superannuation funds) will result in a deepened corporate bond market.
Superannuation and Macroeconomic Growth and Stability
7. In progress - What is the optimal mix between human and digital solutions for financial services?
A survey was conducted in early 2016 to determine fund members' preferred channels for the delivery of financial advice and how broadly we adopt digital superannuation services.
Behavioural economics and digital financial services
You can find more information at the Research Cluster website.