Small enterprises are increasingly likely to be sold or folded with the owners’ offspring showing less interest in taking over the reins. It’s a dire situation compounded by many failing to have a retirement strategy.
Many investors chaff at the notion of sitting on “idle dough”; there’s a strong temptation to “do something”. But being liquid – and patient – proffers the opportunity to make the right investment decision at the right time.
Beware unsolicited promises of super boost after tariff wars slash balances
It’s a sad reality but troubled economic times bring the scammers to the fore. At the very time individuals – particularly seniors – are seeing their superannuation balances shrink before their very eyes, there is often an upsurge in scam calls and emails with offers of a financial elixir.
The current market volatility, triggered by US President Donald Trump’s “Liberation Day’” in early April, is such a time, prompting the peak accounting body CPA Australia to warn about scam callers who prey on individuals’ concerns about their falling super balances.
The US Government’s policy gyrations regarding tariffs have caused the superannuation balances of millions of Australians to fall because the performance of many funds is partly linked to global stock markets.
CPA Australia is aware of super account holders receiving unsolicited calls claiming to provide a super health check. These calls include an offer to review the individual’s super fees and insurance costs, as well as their investment options, to help grow their balance.
Richard Webb, CPA Australia’s superannuation lead, says unsolicited calls that offer financial advice may often be merely unscrupulous, but could also be criminal in their intent.
“There’s a high chance you’ll be getting unlicensed financial advice, or these calls could be designed to steal your personal information – or even your superannuation savings,” he says.
Webb encourages Australians to look and listen out for clues that the call may not be legitimate such as:
- The call comes from a withheld number or another suspicious-looking number like a mobile.
- The caller is vague or attempts to skim over where they are calling from such as using an acronym.
- They ask, ‘have you heard about this’, to gauge your level of knowledge about the issue at hand.
- They create a sense of urgency, trying to convince you that you need to act quickly and quote statistics or other “evidence”.
“If you receive a call, an email or SMS like this,” he says, “do not click on any links and do not hand over any personal details such as your super account number, passwords or any other information.
“Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.”
Figures from the Australian Competition and Consumer Commission’s ScamWatch help bear out CPA Australia’s warning. In the first four months of 2025, money lost to scamming activity was $118 million with 72,000 scams reported. Of those aged 65 plus, they accounted for $33 million (28 per cent) of the money lost and 17,000 (24 per cent) of the scams reported.
In the corresponding four months in 2024, money lost totalled $93 million, and scams reported were 96,000. For those aged 65 plus, they accounted for $26 million (28 per cent) of money lost and 23,000 (28 per cent) of scams reported.
So, while the number of scams reported by seniors have dropped in the first four months of 2025, the money lost has increased. Significantly, two thirds of the money lost was related to investment activity.
