07-05-2025
Superannuation warning as vulnerable Aussies hit with rogue calls after $50,000 disaster: 'Preyed upon'
CPA Australia superannuation lead Richard Webb (left) said Aussies are getting unsolicited calls after the US tariffs wreaked havoc on accounts across the country, like for Peter Jarratt, who lost $50,000 almost overnight. (Source Supplied)
Australians are being urged to be wary of unsolicited phone calls about their superannuation. Thousands of people across the country have had their nest eggs affected by Donald Trump's tariffs and the global uncertainty around them.
A poll of more than 8,200 Yahoo Finance readers found 72 per cent were scared about the health of their superannuation. Brisbane worker Peter Jarratt told Yahoo Finance he saw $50,000 vanish "overnight" from his super and investments, with the 69-year-old nervous he'll have to delay his retirement as a result.
That has provided the perfect breeding ground for rogue phone calls, where Aussies are "preyed upon" and promised big super boosts to combat the effects of the tariffs.
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Don't believe the superannuation promises
Financial institution CPA Australia wants Aussies to take the advice with a grain of salt.
'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,' Richard Webb, CPA Australia's superannuation lead, said.
'Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.'
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CPA Australia has revealed the signs to be aware of for these dodgy phone calls:
The call comes from a withheld number or another suspicious-looking number
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 and try to convince you that you need to act quickly and quote statistics or other 'evidence'
Similarly, if you get a text message out of the blue with the same type of message, don't click on any links provided.
This could open up a gateway to your personal information being stolen.
How much have Australians lost thanks to the tariffs?
Superannuation consultant firm Chant West revealed last month that the median super balanced option fell 1.9 per cent in March and was projected to fall a further 2 per cent in April.
A balanced option is one where 61 to 80 per cent of the money is invested in shares.
