5 taboo topics to discuss with your friends and family

Did you know we’re less willing to talk about money than we are about our weight or our relationships? In fact, 56% of us ranked personal finance as the most difficult subject of all to discuss with our family and friends. That’s crazy!

Two Young people at the Cafe

Discussing money with our nearest and dearest might be awkward, but it’s also vitally important so we can improve our financial knowledge, share better deals, and normalise this very important conversation. 

So, the next time you’re out to dinner, why not bring up some of these very taboo topics.

1. Talk about lost money

There’s around $13  billion* of lost and unclaimed superannuation out there. If any of your network have worked for more than one employer, moved houses or even changed their name, chances are some of it could be theirs. Lots of people also have multiple super accounts which mean multiple fees and multiple sets of paperwork to keep track of. 

The good news is it’s easy to find your lost or multiple account in SuperOnline. We find your super and in a quick search show you the list of your super accounts. You can then you can decide if you want to consolidate them all into one account.  

TOP TIP – Research conducted by CHOICE shows that people with multiple super accounts can have $25,000 less in retirement savings,^  so having one super fund can really make a difference.

FIND ALL YOUR SUPER THROUGH SUPERONLINE

2. Find out if they know about insurance

Are you friends and family aware they may have insurance through their super? To see what cover you have, log in to SuperOnline and see what insurances you currently have in place. 

TOP TIP – Before making any changes to your insurance, try the Needs Calculator to help you understand how much cover you might require, and get an estimate of how much it will cost with the Premium Calculator.

CHECK YOUR INSURANCE THROUGH SUPERONLINE

3. Discuss investment risk

The market volatility last year made some people re-evaluate their willingness to take on risk. Did your friends and family switch their investment mix when the markets were down?

Super may be the biggest asset you have, so it’s important to make sure you get the investment mix right. To check or update your investment option/s simply log in to SuperOnline.

TOP TIP – You can speak to an Adviser from TelstraSuper Financial Planning over the phone and receive general and simple personal advice about the most appropriate investment option/s for you. It’s all part of your TelstraSuper membership. To speak with an Adviser call 1300 033 166.

CHOOSE YOUR INVESTMENT OPTION THROUGH SUPERONLINE

4. Spread the word about estate planning

It’s important your friends and family know that super doesn’t automatically form part of an estate if someone dies. To make sure your super balance, and any applicable insurance benefits, go to the right people, you need to nominate a beneficiary. If you don’t, a super fund is obliged to follow relevant laws to decide who receives your balance

TOP TIP – To make sure your beneficiary nominations stay valid and effective, it’s important to make sure you keep them up to date, especially if your circumstances change. When making a nomination, you should consider whether it should be a binding or non-binding nomination. Find out more about the types of nominations you can make.

CHECK YOUR BENEFICIARY NOMINATION THOUGH SUPERONLINE

5. Let them know they’re welcome to join TelstraSuper

The great news is, as a valued member of TelstraSuper, you can now refer both your friends and your family to the fund. 
We’ve had a fantastic year and delivered some of the strongest returns in our 31-year history; the Growth option returned 24.7% and Balanced 19.9% for the year to 30 June 2021.#

Just like you, we think everyone should benefit from a profit-to-members fund whose top priority is to build secure financial futures, so start the conversation and let your friends and family know about the benefits of joining you at TelstraSuper.

Refer a friend

Want more dinner party conversation? 

There’s no out-of-pocket cost for the range of webinars we offer, so members can make the most of their super. They’re a great way to get an overview of super and increase your financial knowledge. You can invite friends to join you at the webinars too, even if they aren’t members. Just email [email protected] if there’s a webinar you and your friends and family want to join and we’ll get them registered! 

Check out the latest webinars

As part of your membership, you can also get general and simple financial advice about your account over the phone at no additional cost. You can find out about boosting your super, investments and insurance all over the phone. Call the TelstraSuper Financial Planning team on 1300 033 166 or fill in our online contact form.

* https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Lost-and-unclaimed-super-by-postcode/
^ https://www.choice.com.au/about-us/media-releases/2017/december/cado
# Results are for accumulation members, past performance is not a reliable indicator of future performance.