Introduction:

Superannuation is a crucial component of financial planning, particularly in Australia, where it serves as a retirement savings system for individuals. In this blog, we delve into the world of superannuation, uncovering different types of superannuation companies, examining the fees they charge, analyzing the trends in average pay of members, and exploring the number of members in each company. Through an extensive analysis of data spanning from June 2014 to June 2022, we aim to provide readers with valuable insights into the superannuation landscape and empower them to make informed decisions about their financial future.

Understanding Superannuation and its Companies: Superannuation companies play a pivotal role in managing retirement savings for individuals. They offer various services and charge different types of fees to sustain their operations. To gain a comprehensive understanding of the industry, we embarked on a journey of exploration, seeking answers to fundamental questions about superannuation companies and their offerings.

Analyzing Trends and Insights: Equipped with the necessary knowledge, we delved into the data to identify trends and insights related to superannuation companies. Our analysis encompassed monthly assessments of member average pay and the number of members, providing a comprehensive overview of their financial health and member base.

Assessing Superannuation Company Performance: The ultimate goal was to assess the performance of different superannuation companies and their suitability for individuals. By scrutinizing the data and employing advanced analytical tools like Alteryx and Tableau, we gained insights into the strengths and weaknesses of various companies. Notably, one standout company, “Aware Super,” emerged as a favorable choice based on its consistently rising average pay and impressive growth in the number of members.

The Importance of Average Pay: Average pay is a crucial factor in evaluating the suitability of a superannuation company. By analyzing the trend in average pay across different companies, we gained insights into the financial well-being of members. Our findings indicated that “Aware Super” surpassed many other companies in terms of average pay, indicating a commitment to providing members with substantial retirement savings.

The Significance of Membership Numbers: Understanding the number of members within each superannuation company is equally important. By examining the growth or decline in membership over time, we obtained insights into the popularity and trustworthiness of various companies. Our analysis revealed that “Aware Super” enjoyed a steady increase in the number of members, indicating a positive perception of their services within the market.

Visualizing Insights with Tableau:

To present our findings effectively, we leveraged the power of Tableau to create a visually appealing and interactive dashboard. The dashboard encapsulated key metrics, such as average pay, number of members, and trends over the years. This visualization tool enabled readers to explore the data and gain a comprehensive understanding of the performance of different superannuation companies.

Conclusion:

Embarking on the journey of exploring superannuation in Australia has shed light on the intricacies of this vital aspect of financial planning. Through meticulous data analysis and visualization, we have uncovered trends and insights that are pivotal in guiding individuals towards making informed decisions about their choice of superannuation company. Our findings have highlighted the impressive performance of “Aware Super,” reinforcing its reputation as a trustworthy and financially sound choice.

As you reflect on your own superannuation journey, armed with newfound knowledge and insights, we hope you feel empowered to make decisions that secure a prosperous retirement. Remember, the path to financial security begins with understanding the options available and making choices aligned with your long-term goals.

The Data School
Author: The Data School