The Financial Planning Association (FPA) wants the Federal Government and regulators to encourage people to seek professional advice on their superannuation.

The FPA – which has voiced its opinion on the issue in a submission to the Parliamentary Joint Committee on Corporations and Financial Services – says people need to seek super advice because inadequate financial advice can have a detrimental effect on retirement savings.

CEO Jo-Anne Bloch says people using a financial planner are more likely to have less debt, invest any windfall in superannuation, understand what factors contribute to their super fund earnings and make extra contributions to their super fund.

The association’s submission calls for a reduction in the length and complexity of statements of advice, and greater transparency and clarity across the industry.

“The operations and costs of all superannuation funds should also be transparent to make it easier to compare the merits of particular funds,” Ms Bloch said.

“Superannuation is a national asset that is too important to the retirement plans of Australians for the role of advice to be ignored. Without advice, many will be unable to use super savings effectively to generate retirement income.”