Recent research shows that Australian superannuation funds are hard to get hold of - 67 per cent of fund members who attempted to engage with their fund in the past year gave up.
The Investment Trends Super Fund Member Sentiment and Communications Report provides a negative snapshot of communication attempts with superannuation funds, putting the member engagement problem squarely back on fund shoulders.
The most commonly unresolved issues were looking for financial advice, comparing superannuation funds, accessing super accounts on mobile devices, and attending educational seminars.
Members are also more loyal than in previous years - when someone changes employers, they are now more likely to stick with their fund. Almost 65 per cent of those who changed employer stuck with their fund in the move. This is up from 54 per cent in 2017.
The highest member satisfaction is found at Cbus, ESSSuper and UniSuper, driven by website usability and quality of the annual statements, in amongst other factors.
Other key findings include:
Thirty-nine per cent of members read their annual statement
Twenty-eight per cent visited their fund’s website
Twenty-eight per cent read regular communications
Responsible investing was noted as important in terms of attracting and retaining members
Thirty-four per cent of super fund members ranked responsible investing as ‘very important’ at their fund
The desire for responsible investing increases with age, despite assumptions that millennials cared the most