Research commissioned by Norwich Union Life has found members of the employed public are greatly in need of superannuation information, with more than eight in 10 saying they need advice.
The Sweeny Research report has found 57 per cent of those surveyed knew either very little or nothing at all about superannuation.
And the survey results indicate a desire for knowledge, with 84 per cent expressing the need for financial advice and 59 per cent believing advice should be provided by an independent financial adviser.
Norwich Union Life managing director Alan Griffiths says research of this nature is necessary to ensure the delivery of services consumers need.
“With the dynamics of the marketplace and buying decisions of consumers changing, we want to understand consumers and be sure we are delivering what they want,” he says.
“The message from this research is that members want to be educated more.”
Although Griffiths believes that pressure for more information from members of corporate super funds can be turned into a value-add for employers, the survey identified that 90 per cent of corporate super fund administrators believe it is not their job to provide investment advice to employees.
Griffiths described the situation as ‘appalling’.
“It just goes to show that the industry needs to do a lot more about getting out there and giving people the information they need. We shouldn’t wait to be asked,” he says.
In response to the research findings, Norwich has launched an education program for financial advisers to meet the needs of both coporate clients and fund members, as well as to take the pressure away from the employer, Griffiths says.
The Norwich Union Program was road tested with advisers around Australia for about a month before its launch. The information has been developed into modules, enabling specific areas to be targeted and made available to employees on site and via the web.
