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The first report in our Trust research series.
New research by Insync and Entente reveals some startling findings in relation to the trustworthiness of Super funds:
- Some Super funds are trusted much more than others – ranging from a ENP® Trust Index as low as 16 to
as high as 48
- Industry funds are more trusted than retail funds – and the difference is more pronounced for males than females
- The lower the living standard, the lower the trust
- The older the member of an industry fund, the higher the trust
- The biggest drivers of trust in Super are telling the whole truth in a simple and clear way and delivering on your promises
- Many members are disengaged and somewhat ambivalent about their Super fund, representing a huge opportunity for funds to better engage with members to meet their needs and expectations
What this means for Super funds
These findings are a rallying cry for boards and leadership teams of Super funds to embed and track ongoing measures of trust, understand why trust is improving or declining and act swiftly to ensure any cracks are dealt with before they become a chasm.
The research also underlines the need for Super funds to better understand the profile of their members with improved segmentation and to develop targeted initiatives to better engage and build trust with each segment, particularly during this COVID-19 crisis.
Insync has partnered with Vanessa Hall and her organisation, Entente Pty Ltd, to help organisations build and restore trust and track its movement over time.
After more than a decade of studying, observing and testing how trust is formed, and the causes of its collapse in all relationships and interactions, Vanessa Hall has deployed her proven ENP Trust Framework around the world.
About the research
This is the first report in our Trust Series and looks at levels of trust in Australian industry and retail Super funds.
The research is based on data collected online from 5,000 respondents between 14 February and 2 March 2020 – prior to the full effects of the COVID-19 crisis.
Register for upcoming industry reports
Our upcoming Trust reports will focus on the Australian banking industry, local councils, utilities and employers across all industries.
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