Super funds get practical on mental health by meeting members where they are

Investment Magazine

Super funds are in a prime position to promote more open conversations around mental health among members and employers, serving as a conduit between two worlds where the topic is both a personal wellbeing issue and a business challenge. One of the sector’s unique features is that it has broad exposure to the Australian economy, connecting with blue- and white-collar workers, and large corporate and small businesses, across various industries – the kind of reach that is invaluable for promoting mental health at workplace. At an Investment Magazine roundtable, hosted in partnership with AIA Australia, funds also heard that by addressing mental ill health earlier, they could reduce the number of members making a claim and help them to improve their knowledge of insurance should they decide to access benefits after all.  

Claims data tells the story

Dean Thomas, head of the superannuation trustee office at Colonial First State, said that the fund has seen about a three and half times increase in the number of total and permanent disability (TPD) and income protection (IP) claims in the past three years, and that mental health is the largest contributing factor to that surge. He said that it’s a misconception that mental health issues are more prevalent among white collar workers; the fund has observed a large number of mental health-related claims coming from blue collar professions, often caused by financial strains or workplace issues. Most of the employers contributing into CFS are small- to medium-sized enterprises and Thomas said the fund has an active campaign targeting engagement with those companies and their workers through seminars in person and online.

The rest of this article can be found at investmentmagazine.com.au.