Yahoo Finance Your money could be invested in this damaging industry
Australians are the biggest gamblers in the world, and suffer the biggest losses, especially in poorer suburbs, Australian Gambling Statistics (AGS) research shows.
In fact, per capita, Australians lose a total of $1000 per year, which is more than double slot machine losses in the US.
According to the AGS, last year Australians racked up a whopping $23 billion in losses to poker machines, which is about half of all gambling losses in the country.
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Earlier this year, Woolworths faced renewed pressure over its pokies division when superannuation fund Vision Super announced it would consider divesting its $150 million from the supermarket giant for this reason.
While many Australians agree gambling could be a bad habit, many wouldn’t know that their superannuation money is helping fuel this problem through investment in the pokies sector, according to ethical investment firm Australian Ethical.
To raise awareness, Australian Ethical has launched a public information initiative, which seeks to cast a light on the damaging effects of a range of issues, including gambling.
Head of ethics research at Australian Ethical, Stuart Palmer, said while superannuation contributions are mandatory, every Australian has the choice to decide where their money is invested.
Research conducted by the Responsible Investment Association shows that 86 per cent of millennials, and 73 per cent of baby boomers want their money in funds investing in responsible investments, so many Aussie won’t want to direct their cash into industries responsible for eroding their savings.
Palmer says transparency, or the lack of, is a key issue for Australians looking to find out where their super money is invested.
So, what can you do about it?
Palmer says it’s time to start asking your super fund important questions, like what sectors and companies they invest in, and where they don’t.
Other things you can ask are, “What’s the impact of these investments on the environment and on society?”, or “How is my super fund using my money to make a positive difference to business behaviour?”.
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