QSuper members have the highest satisfaction levels in the industry, with 89.3 per cent satisfied compared to an average of 65.6 per cent, according to Core Data.
In a survey of 1,468 fund members, Core Data also found engagement overall has reached a three year high among, with baby boomers overtaking the pre-boomers as the sector most involved in their super.
Responding to the findings, Rosemary Vilgan, chief executive of QSuper, attributed the satisfaction levels of QSuper members in part to steps taken to better tailor its communications for its new cohort strategies.
“This enhanced capability now allows us to deliver information to members across six different attitudinal segments in a way that is aligned with their attitude towards super and their level of engagement.”
The communication shows members both their expected lump sum at retirement and a projection of an income stream from these assets and how it will decrease over a 25 year period.
Despite the gains in baby boomer engagement, Core Data head of financial services, Kristen Turnbull, said funds are yet to capture the sizable opportunity that Gen Y members represent.
“A few of the industry and retail funds have run campaigns in recent years aimed at engaging younger members in super, but the majority of marketing efforts still focus on stopping leakage from the top,” she said.
Turnbull added that the way to capture younger members is through intra-fund advice, together with communications and marketing using age-appropriate language and themes, such as the HOSTPLUS ‘Cook For Your Career’ campaign.
“Funds that are successfully engaging with young Aussies are finding a way to talk in language they understand, have a strong online presence and social media focus and are looking to scaled advice as a place to start the conversation.”
The survey revealed Gen Y members have the lowest take up of intra-fund advice, with only 11.8 per cent having used it to date, but they are the most likely to in future, with 49.3 per cent indicating they would use it if it’s available.
This follows a 2013 report by Deloitte, Dynamics of Superannuation, stating Gen Y’s stand to grow in significance more than any other super segment over the next two decades, owning 12 per cent of total superannuation assets by 2018, and up to 30 per cent within the next twenty years.
Core Data’s survey reveals that 52.5 per cent of members are now engaged with their super, compared to 47.5 per cent last year. Overall satisfaction has also climbed for three years running to 65.6 per cent up from, 62.1 per cent last year.