The corporate regulator released Report 378: Consumer testing of the MySuper product dashboard on Friday.
The report, prepared for ASIC by online researcher Latitude Insights, comprised of moderated online discussion between 54 Australians as well as three in-depth interviews.
While the revised product dashboard is simple and “impactful”, there is a sense among consumers that it looks ‘dated’, according to the report.
“Further revision of the look and feel is recommended to meet industry benchmarks and maximize engagement and perceived credibility,” said the report.
The research also found consumers were confused by the terms ‘return target’ and ‘current return target’, with a mouse rollover definition of ‘return target’ recommended.
When it comes to past returns, the report recommended the use of simple graph which has “more visual appeal and is easier to absorb than text”.
Terms such as CPI and AWOTE should be avoided when discussing return target figures, said the report.
“Many are suspicious when looking at projected targets, expecting hidden fees or charges and require plain language stating the situation with transparency,” it said.
Risk is the toughest concept for consumers to digest, and has the ability to confuse and mislead people, said the report.
“A simple statement such as ‘Level of investment risk: High Risk; Fund balance is expected to go down x out of every x years’ is easiest to digest,” said the report.
ASIC has incorporated a number of the recommendations of Report 378 in Information Sheet 170: MySuper product dashboard requirements for superannuation trustees.
The corporate regulator has also released Consultation Paper 219: Keeping superannuation websites up to date, which lays out how the remuneration of super fund executives and trustees must be kept up-to-date on fund websites.
