Decimal is one of the largest producers of statements of advice through an automated advice software platform in Australia, now delivering advice to members with combined balances in excess of $20 billion. Decimal’s 2019 Digital Insights report takes a closer look at how digital advice is being used and the impact it is having for Australians.
Five things we learnt about users of digital advice on Decimal:
1. Digital advice is for all ages
This year’s usage data again showed that age is no barrier to digital advice, with everyone from teenagers to octogenarians utilising the Decimal platform.
2. Frequency of use increases with age
50-60-year-old Australians remained Decimal’s most frequent users. While Decimal’s digital advice platform is used by all segments of the Australian population, 50-60-year-old Australians engaging with their super as they approach retirement accounted for 27% of total users.
3. Early engagement leads to significantly improved retirement outcomes
46% of Decimal’s users were aged between 35-54, compared with an industry average of just 26%. Younger members were often found to benefit the most from advice, as compounding effects mean early engagement can lead to significantly improved retirement outcomes.
4. Nearly a third of all users are trying digital advice for the first time
30% of users were seeking advice for the first time, while 12% of new users were aged between 30-35.
5. More females are engaging with digital advice
51% of statements of advice were issued to female users. Decimal’s provision of equality in engagement can be an important step in the journey towards equality of outcomes in the superannuation and pension industry.
Decimal’s platform removes time and cost barriers from financial advice, enabling more Australians to access advice anytime, anywhere. For more insights on digital advice demographics and how digital advice and engagement is driving improved compliance and retirement outcomes, download the full report.