Superannuation – Head vs Heart

A pervasive measure in the Superannuation industry is the Net Promoter Score (NPS). For this reason, The Evolved Group started tracking NPS across a national sample of Australians this year. We will be publishing findings regularly during the year e.g. key trending themes and benchmarks. With our Conversational AI technology as well as our Superfund Listening product, we are aiming to get underneath the rational experiences that consumers have with their funds to the more interesting and possibly insightful emotional elements of what super means to us all. In this introductory blog, we will talk about both NPS and Emotional scoring from Conversational AI as key metrics.

Let’s start with the “Head”  – NPS in Superannuation

We measured NPS on our Evolved Omnibus Survey National Representative sample from September – October 2020. The total sample size was 1,718.

Overall Results:

DETRACTOR (rated 0-6)PASSIVE (rated 7-8)PROMOTER (rated 9-10)FINAL NPS SCORE
38%34%28%-10.4
  • The overall NPS of funds was -10.4 across over 100 funds
  • Amongst funds with more than 30 responses the highest NPS was 36.7 with the second best fund scoring 26.2
  • At the other end of the scale, of funds with over 30 response, the lowest NPS was -45.9 with the second worst being -39.0
  • Looking at the top- largest funds by size, the average NPS was -9.0, however, there was one fund with positive NPS in that group

Other key observations:

  • Superannuation NPS is correlated strongly with age – note the blip at 35 to 44 – often the most financially challenging life stage with kids and mortgage
  • There are no significant differences by gender or job seniority.  Interestingly, there are significant differences in NPS by industry and employer size, but that is an analysis for a future edition – suffice to say that the highest NPS is in the ACT!

Reviewing our Conversational AI chat conversations, the key themes that drive positive and negative NPS are:

Now let’s look at the “Heart” – Emotions in Superannuation

Here is an overview of emotions when people talk about Superannuation:

How do emotions vary by NPS category? As you can see in the diagram below, promoters are more likely to mention trust, anticipation and joy while those who are detractors are more likely to have, in particular, a higher scoring on sadness and less joy. Interestingly, anger, though higher is not a lot higher compared to promoters.

Let’s look at the key themes underneath these negative emotional states – top 3 terms only:

SadnessDisgustFearAnger
RetirementMoneyRetirementMoney
PandemicSuperMy superCOVID
COVIDWorkWorkInformation

Now surprise and anticipation

SurpriseAnticipation
MoneyGood returns
Good returnsMoney
InvestmentsRetirement

And to end on a positive note:

TrustJoy
Good communicationGood returns
The accountRetirement
Good returnsMy experiences

Find out more

To find out more about how The Evolved Group can help you analyse and truly understand your Superfund Members, check out our Superfund Listening page, Contact Us, or feel free to shoot me a message via my LinkedIn.