Superannuation funds are missing opportunities for meaningful messaging and member engagement as 27% of members say they have contact with their fund once a year, according to a survey.
The SS&C survey found 25% of respondents had a quarterly connection with their fund, and 4% said they had ‘never’ heard from their fund.
SS&C said many funds only communicated through the normal annual statement cycle.
“Funds can motivate members to take steps to optimize their retirement outcomes by encouraging them to take ownership of their retirement planning and take advantage of the tools available to help them,” it said.
“Funds can do this by leveraging personalised content, gamification techniques, and recommended next steps to educate members about the value of budgeting and saving for retirement. With an enhanced understanding, members will be more likely to use their providers’ calculators and digital advice tools to track their progress and correct course if necessary.”
With retirement planning tools, 80% of the surveyed respondents said they had never accessed their fund’s planning tools.
“While 59% overall said they were unaware of how these tools will assist them, the 18 to 30 age group reported that lack of awareness at 73%, with an equally concerning 71% among the 31 to 55 age segment,” it said.
“Older members were more aware of the planning tool benefits, but only slightly, with 44% of respondents age 56-70 and 50% of those age 70 or older reporting they were unaware of those benefits.”
Of those aware of the tools, 74% said they used the retirement calculator.