Comparison shopping for the best superannuation deal is hot right now – and providers need to use the channel voted #1 by millions of consumers – news media – to reach thousands of potential customers before their competitors do, writes Tanya Shinn.
- 2.4 million consumers rate newspapers No.1 for financial services information
- News media reaches 91 per cent of super fund account openers and switchers
- Print readers have an average $38,000 more in their super accounts than non-readers
Consumers are realising it’s easier than ever to compare and switch super funds with the introduction of superannuation industry reforms to streamline product offerings and a shift toward online technology.1
The superannuation marketplace has never been more competitive, resulting in more choice for Australia’s 11.5 million super fund members.
Consumer data from emma indicates news media offers superannuation providers a direct line to a large pool of individuals who are considering whether to switch providers.
Hit the switch(ers)
Some 759,000 Australians plan to open a new super account or switch providers. Some 91 per cent of this market are active consumers of news media. According to data from emma, readers are 10 per cent more likely to switch superannuation provider than the typical full-time worker.
Print readers are also investing more time and money into preparing for retirement than others. They have an extra $38,000 in their accounts than non-readers.
It’s not just older readers who are concentrating on their financial future. Younger readers are ahead of their peers in terms of saving. The average value superannuation savings among readers aged 14 to 29 is $6,000 more than non-readers in the same age bracket.
It’s a trust thing
Latest figures from the Department of Treasury show that, along with their family residence, superannuation is the most significant asset held by Australians.2
Many of us want to protect our nest egg and, where possible, turn to trusted information sources to make sure our retirement fund is working as hard as it can.
Data from emma states 2.4 million consumers rate newspapers as their most trusted source of information on financial products and services.
Why print ads work
Super fund providers deal with complex financial products that are difficult to promote via TV or online advertising. Newspapers are an information media, providing sufficient space and time to present complex product data, and to promote the key selling points of financial products.
News, business and finance sections provide the ideal editorial environment in which readers are in the right frame of mind to consider these complex but important life choices.
To find out more about information-based advertising and discover examples of great executions in newspapers, click here.
emma™ conducted by Ipsos MediaCT, People 14+ for the 12 months ending May 2016; Nielsen DRM May 2016, People 14+ only.
1 “Super funds going mobile”, Canstar – http://www.canstar.com.au/superannuation/super-funds-going-mobile/; “Stronger Super Reforms”, Australian Securities and Investment Office – http://asic.gov.au/regulatory-resources/superannuation-funds/stronger-super-reforms/
2 Australian Government Department of Treasury, Superannuation Discussion Paper 9, March 2016, p.1