Four In Five Australians Back A Ban On Clickbait Super Switching Ads, Survey Finds

Four in five Australians on social media want the government to take action to ban social media advertisements that entice people to move their superannuation into riskier products, according to new research commissioned by the Super Members Council.

The survey, conducted by Ideally and covering more than 1,000 respondents, found that 45 per cent of Australians surveyed had recently been exposed to these types of clickbait ads on social media.

Most unaware of link to collapsed funds

The research also found that nearly two in three respondents – 63 per cent – were not aware that similar ads were used to switch Australians out of their super funds and into the collapsed Shield and First Guardian funds, which resulted in 12,000 people losing $1.2 billion in super savings.

Those collapses were enabled by gaps in consumer protections. The Super Members Council has argued that aggressive lead generation practices, high-pressure sales tactics and weak oversight were used to funnel members out of regulated super funds and into unsuitable products.

Difficulty distinguishing scams from legitimate ads

More than 70 per cent of respondents indicated it was difficult to tell the difference between a scam and advertising from a legitimate source – a finding the Council pointed to as evidence of the risks posed by clickbait practices in the super sector.

The survey comes after Council analysis showed a rise in younger, lower-balance members being switched into products that are potentially riskier and typically more expensive. That trend has coincided with a proliferation of the type of clickbait social media ads linked to the Shield and First Guardian collapses.

Council pushes for reform package

The Super Members Council has framed the findings as reinforcing the case for the government’s proposed reform package to strengthen consumer protections across superannuation and financial advice.

That package includes proposals to crack down on harmful lead generation and lift the governance and accountability obligations for super platform trustees to the same standards that apply to major super funds.

The Council has called for a range of measures including the removal of conflicts of interest across the switching chain, stronger trustee and adviser oversight on super switching and tighter accountability for super platforms and products.

It has also pushed for true like-for-like comparisons at the point of switching that cover all returns, advice fees and costs, alongside a crackdown on aggressive selling tactics through social media ads and cold calls.

Council urges government not to water down reforms

Misha Schubert, Chief Executive Officer of the Super Members Council, argued the findings show clear public appetite for stronger protections.

“These new insights show everyday Australians want to see the government take action to make super safer for everyone. They want them to raise the bar on minimum safety standards,” Schubert explained.

“This also highlights why the government shouldn’t weaken or water down crucial safety reforms. Australians clearly get it – they know that complexity and weak accountability create dangers to people’s life savings and make further Shield and First Guardian-style collapses possible.”

Advice reforms flagged as a safety measure

The Council has also called on the government to proceed with enacting its promised Delivering Better Financial Outcomes (DBFO) reforms, arguing they should be delivered alongside the broader consumer protection package.

The Council views the advice reforms as a consumer safety measure in their own right, on the basis that increasing access to financial advice would reduce the number of people relying on lead generators and social media advertising when making decisions about their super.

Last Updated on May 11, 2026 by Nick Ross