Why do we need to know about superannuation?
Superannuation is not just for old people. It builds our understanding of the economy and how having only one superannuation account is essential in accumulating our retirement fund.Â
Moreover, by learning taxes and superannuation, individuals and communities protect everyone from falling victim to financial scams or mismanagement of funds. When people are well-informed, they are less likely to be taken advantage of by individuals or organizations that intentionally exist to mislead, fraud and scam to steal money.
A financially literate citizen can manage superannuation to make retirement more comfortable. By reflecting on which job should shoud we take in the future, it gives us real world relevance which builds our understanding on how our world works. By learning about superannuation, we develop an awareness of basic issues in our daily lives such as: living cost, the effect of interest rates on consumers and businesses. It taught us the importance of being an informed citizens who can contribute positively to the community and society at large. Moreover, understanding tax and superannuation gives us a strong foundation for our future academic and professional pursuits.