Consumers are looking to their financial service providers for reassurance during the COVID-19 outbreak, according to new research from MetLife Australia.
The insurer says its COVID-19 Insights research, which looked into the behaviours of Australians to understand how the financial services sector can better support them at this time, shows that superannuation fund members and investment holders want reassurance that their funds are able to navigate this period of volatility.
“While 50 percent of respondents said they had received COVID-19 related communications from financial providers, 26 percent of participants claim they have checked their superannuation balance. This increases if they have a financial advisor: 30 percent have checked their superannuation balance, and 11 percent have changed their investment strategy,” MetLife says in a statement.
Chesne Stafford, Chief Customer and Marketing Officer at MetLife Australia, says that superfunds and financial advisers have a significant role to play in helping ease the financial stress of their customers.
…. 58 percent of people surveyed claim that COVID-19 has already directly impacted their financial situation…
“According to our research, 58 percent of people surveyed claim that COVID-19 has already directly impacted their financial situation, and in the face of financial uncertainty and fluctuating markets, there is an important opportunity for financial providers to step up and help their customers,” she says.
The research found that the top requirements from superfund members and investors alike are:
- Transparent communications, including what options are available
- Reassurance that fund managers have experience in navigating through a financial downturn
- That they are doing as much as they can to manage the current situation.
The insurer notes that investors also want greater transparency with regard to investment returns and where funds are currently being invested; clear guidance regarding their investment options, accessing funds early, rolling over funds, available tools and financial advice consultations; and easy options for contacting their fund managers via multiple channels.
“Providing regular communications across a variety of channel options, transparent information on COVID-19-related topics and the reassurance of a long-term investment view are all simple steps that financial providers can take to relieve their customers’ stress and support their overall wellbeing.
“Alleviating financial stress can be a crucial factor to reducing mental health related issues. By going the extra mile, financial providers can develop deeper relationships with their customer base that will last well beyond the crisis,” Stafford says.
The insurer says the online survey was conducted between 27-31 March 2020, with a sample size 500 Australians aged 18-65 years representative of national demographics.