28 May 2024, Sydney – Leading research firm Investment Trends releases the 16th edition of its 2024 Super Member Engagement Report. Providing an in-depth look at member attitudes, satisfaction and advocacy, including how they would like to engage with Australian super funds. This years’ edition highlights:
The latest report shows that member engagement levels remain high for those with super balances of $250k or more, indicating a clear inflection point for next level interactions with their super fund.
The member experience with their fund service is an area explored in particularly forensic detail in this year’s report. The report highlights login credentials (17%), fund withdrawals (13%) and queries with annual statements (11%) as the most common reasons why members contact their super fund, validating the digital-led service delivery approach considered by many super funds. Faster responses (29%), better technical knowledge on the website (25%), better technical knowledge on apps (24%) and professionalism were viewed as the factors vital to delighting members who contact the call centre.
Despite positive returns in FY23, overall member satisfaction and Net Promoter Scores (NPS) have continued to ease, although a few (non-DB) funds bucked this trend.
Super fund switching activity eased slightly (8% down from 9% last year), yet intentions to switch remain elevated (10% up from 9% last year), particularly among self-directed members aged 45-65. Key triggers for this group include job changes, lack of trust, and poor fund performance.
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