Women engaging more with digital super advice
The number of women completing a digital statement of advice (SOA) has risen 137 per cent to 2,380 during the June 2017 quarter from 12 months ago, according to Decimal.
Decimal’s latest report found that women also engaged more between 10am and midday, and completed 482 SOAs during these times.
Decimal’s chief executive, Nic Pollock, said that 43 per cent of all logins were by women.
“Over the quarter, women logged in 7,846 times – an average six times each – and executed a statement of advice 30 per cent of the time,” he said.
“For the same period, men also generated an SOA 30 per cent of the time out of a total of 10,162 sessions.”
The report found the total number of people who engaged with their superannuation via digital advice rose by 37 per cent up to 2,366 in the past 12 months. The total number of SOAs issued had jumped by 128 per cent over the past year, and the total funds under advice had increased 72 per cent in the past 12 months from $4.9 billion to $8.4 billion.
Decimal also found that 28 per cent of logins occurred outside of traditional financial planning office hours, with 31 per cent of those logins happening between 10pm and 6am.
“Digital advice offers members the flexibility to interact with their super anywhere, any time and we’re seeing a surprising amount of activity in the early hours of the night while others sleep soundly,” the report said.
Men were found to engage with their super more prior to 10am, and women between 10am and 6pm. From 6pm and 10pm the usage by men and women evened out, typically when people were home from work.
During the June quarter, users were most interested in getting their investment strategy right, as the investment module generated the most amount of SOAs at 5,096, followed by super contributions at 767, pension investment choice at 526, insurance cover at 447, insurance needs at 420, and pension start at four.
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