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20 July 2005
Sydney
Australian employees’ awareness of legislative changes affecting their choice of superannuation increased by 48 percentage points to 93 percent, although few were likely to exercise the new option, a survey conducted by leading research company ACNielsen has found.
Results of the survey, conducted to gain insight into, and understanding of, superannuation customers’ thoughts and plans post-legislative changes, were released by ACNielsen today. The online survey of over 1,500 individuals asked respondents to indicate their awareness of changes taking place to Australian superannuation legislation. Ninety-three percent said they were aware of the changes that took effect on 1 July – up from 45 percent when ACNielsen last conducted the survey in September 2004.
Survey participants were also asked to indicate their likelihood of switching to another superannuation fund since the new laws were introduced. The majority of respondents (51 percent) said they were ‘unlikely’ or ‘would not’ change their current super fund, up three percentage points on the September survey, while a further 28 percent said they ‘might’ consider changing super funds, down five percentage points.
“While awareness of choice of super legislation is much higher now compared to when the survey was last conducted, that awareness hasn’t translated to higher switching intentions,” says Glenn Wealands, Associated Director, Client Service, ACNielsen Australia. “This highlights a need for superannuation fund managers to provide more easily understood communications which encourage consumers to act.”
Asked to indicate their preferred choice of super fund were they to switch fund, industry super funds were the fund of choice with 22 percent saying they would opt for this type of fund, up from nine percent in September. Other super fund types such as retail, public sector, and self-managed remained fairly steady over the period between September and July.
“We have seen a substantial increase in advertising of industry super funds in recent months,” says Wealands. “This activity has obviously been effective in building awareness and generating interest in the industry funds – where previously less than one in 10 said they would consider this fund type, this has jumped to 22 percent. It sends a clear message to other superannuation providers that timing and frequency of communication is paramount, and those who get their messages right will reap the benefits.”
About ACNielsen
ACNielsen, a VNU business, is the world’s leading marketing information company. Offering services in more than 100 countries, the company provides measurement and analysis of marketplace dynamics and consumer attitudes and behaviour. Clients rely on ACNielsen’s market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns.
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