Although most Australians are not engaged with their superannuation, an overwhelming majority do not regret having their money locked up, a new survey has found.
The 2014 Net Promoter Score Survey – a joint initiative of the Fund Executives Association Ltd (FEAL), Customer Service Benchmarking Australia (CSBA) and Melbourne Business School (MBS) – is designed to benchmark members' satisfaction with their super fund.
The survey found that most Australians do not make an active decision to join a super fund.
Approximately 68 per cent end up in a default fund, with 13 per cent following recommendations.
MBS associate professor of marketing Professor O’Sullivan said engagement with super is “incredibly low”.
“In fact, most Australians do not apply a rational decision-making process to their choices about super, they give it about as much thought as buying a bar of chocolate, and unless something goes horrifically wrong, their ongoing strategy could best be described as 'set and forget'.”
However, the survey also found that most superannuation holders do not regret their investment option.
The Fund Executives Association's chief executive, Joanna Davison, said this trend is “unexpected but revealing”.
“This is a great overall finding, but for super funds aiming to continue to meet and exceed member expectations, the survey also revealed a number of insights into what members value most,” Ms Davison said.
“Service was the number one driver of satisfaction, with members citing reliability, a strong reputation or brand and responsiveness as most important.”
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