Superannuation fund members are more engaged and satisfied with their fund than they have been for the past three years with indications they would continue to use their fund also at high levels.
CoreData stated the highest level of engagement was in the Baby Boomers category with more than 60 per cent stating they were 'engaged’ or 'highly engaged’ with their superannuation, compared to just over 52 per cent of Pre-Boomers.
The findings come from a survey of nearly 1500 people conducted in May this year with The 2014 CoreData Member Engagement Report finding that overall engagement with superannuation across all age groups climbed from 47.5 per cent to 52.5 per cent
According to CoreData the overall satisfaction among superannuation fund members has climbed from 50.8 per cent in 2012 to 65.6 per cent this year with more than 76 per cent of members stating they would continue to use their current fund. More than 48 per cent stated they would recommend their current fund.
Member communications also rated highly with more than 76 per cent rating them as always or usually good quality, up from 70.8 per cent last year. However nearly 80 per cent of members want member information summarised (77.9 per cent) or tailored to their lifer stage and specific needs (69 per cent).
Those members who were least engaged were most likely to set up their own self-managed superannuation fund with 23.1 per cent of highly disengaged members stating this would be their likely course of action.
