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Super fund engagement peaks among members with $250k+ balances: Report

An Investment Trends report has identified a clear inflection point for member engagement with superannuation funds.

The 2024 Super Member Engagement report, based on a survey of 10,886 respondents, provided an analysis of member attitudes, satisfaction, and preferences for engaging with super funds. It found member engagement is highest among those with super balances of $250,000 or more.

However, member engagement with super funds continues to increase overall.

Investment Trends associate research director Ludovic Sevestre said more people are taking control of their retirement planning.

"Our data also reveals that the more interactions non-retirees have had with their super fund over the past year, the more likely they are to start thinking about retirement," he said.

The report showed that the main reasons members contact their super fund are login credentials (17%), fund withdrawals (13%), and questions about annual statements (11%).

Investment Trends said this supports the digital service delivery approach many super funds are considering.

The report also found that key factors for satisfying members who contact call centres include faster responses (29%), better technical knowledge on the website (25%), better technical knowledge on apps (24%), and professionalism.

Despite positive returns in FY23, overall member satisfaction and Net Promoter Scores (NPS) have continued to decline, though a few non-defined benefit funds bucked the trend.

Meanwhile, super fund switching activity slightly decreased to 8% from 9% last year. However, the intention to switch remains high at 10%, up from 9% last year, especially among self-directed members aged 45-65.

For this group, key triggers include job changes, lack of trust, and poor fund performance.

"The persistently high switching intentions among self-directed members highlight the opportunity for super funds to build trust early and demonstrate consistent performance over time," Sevestre said.

"They can proactively combat churn and enhance member loyalty by taking heed of the feedback their members have provided through this survey, but also by actively monitoring member engagement across their various service channels."

Read more: Member engagementInvestment TrendsSuper fundsSuperannuationLudovic Sevestre