By Juliano Oliveira
They promise to put an end to the sleepless nights in consequence of problems in filing the tax.
This can be the future slogan behind the mobile app Understanding Super, developed to help simplify and explain the Australian Superannuation System. The platform was the answer of Dr Elizabeth Ooi, a researcher from The University of Western Australia, to the taxpayers’ lack of information about how much super they have, which super fund they are with or where their money is invested.
“Superannuation is a vitally important part of many people’s lives, however, it’s often a very difficult concept for a lot of the workforce to grasp,” Dr Ooi said. “For some, it’s the difference between retiring in comfort, or retiring on a frugal income.”
Anyone can use the app without distinction; however, it is especially useful to younger people who are facing the complex challenges of super for the first time after entering the workforce. “Surveys continuously show that Australians are confused about superannuation and this can be attributed to the fact that the information currently available is often complex,” affirms the Dr.
Understanding Super is a joint effort of Dr Ooi along with finance professionals and start-up entrepreneurs. The app is available on all major app stores and will be translated into eight languages, including Arabic, Chinese, French, German, Japanese, Hindi, Italian and Spanish, to be accessible later this year.
“We realised there was a large subset of people who may be struggling to understand super not just because of its complexities, but also because of a language barrier,” Dr Ooi said. “We worked together with students from the Master of Translation Studies program at UWA to translate the contents of the app into additional languages, ensuring the information is accessible for international students and new migrants.”