Using the ATO’s YourSuper Comparison Tool: Findings from Super Consumers’ qualitative research project

Background

In 2022, the Australian Government announced the Your Future, Your Super review, which looked at the effectiveness and impact of a number of recently introduced changes in the super system. One of the changes it looked at was the introduction of the ATO’s YourSuper Comparison tool, which helps users compare the fees and performance of different MySuper products.

To help shape our thinking, Super Consumers undertook  qualitative research into how people use the ATO’s YourSuper comparison tool, and how the tool might be tweaked to give people a better user experience. We commissioned Leapfrog Research to sit down with 24 people, observe them using the tool, and then reflect on their experience. We did this to develop and better understand feedback on consumer-led options to improve the tool, and we are now publishing our results.

Our research objectives were to:

• Look at whether the comparison tool meets users’ needs
• Understand how the tool could better cater to those needs 
• Gather insights on the usability of the tool
• Test the benefits of some specific improvements to the tool. 

Methodology

Our research methodology included observation and in-depth interviews with each participant. 

• Participants were screened on the basis of age, gender, income, and work status to ensure a diverse range of participants. 
• Participants were then provided with a laptop – some were asked to find and access the tool via MyGov, so it was pre-filled with their superannuation details. Others were asked to access the tool via an online search engine. 
• Participants’ use of the tool was observed. Then, each person had a 1:1 interview to capture their experiences and thoughts using the tool.

This research project is not intended as a comprehensive evaluation of the YourSuper comparison tool, or as an experiment that tests the benefits of specific changes to the tool. Rather, this project provides qualitative insights into how some people use and interpret the tool, and identify the sorts of improvements that could be considered and further tested by policymakers. 

Findings 

Overall, participants viewed the ATO YourSuper tool favourably as a helpful way to review and compare super products. People who were more familiar with super were better able to navigate the tool, make comparisons, and interpret and understand the information provided. People who were less familiar with super found it difficult to understand the terminology, and some were overwhelmed with the sorts of information provided. Through our conversations with participants, we were able to identify a number of changes and improvements to the tool that would ensure more people are able to use the tool – and consequently make choices about their super – with greater confidence and clarity. 

Our research findings fall into 5 key themes:

Trust and independence

There was a high level of trust in the ATO providing the service. For some, the tool stood out against other commercial tools because of the lack of perceived bias.

“There’s a sense of unbiasedness … it gives me more reassurance.

“[The tool] would be a nice first step to go to because I never trust those private companies telling me what’s best or not.

Access and navigation

Finding and accessing the tool wasn’t easy for everyone. Scrolling through walls of text or having to click through multiple MyGov headings to find the tool made getting to it difficult for some. The tool itself was considered to be cluttered and too wordy by some participants, who indicated that visual aids like icons or colour-coding might improve overall usability.

“It was a bit hidden, I may not have found it otherwise.

“I think if it was more like step by step that would be better.

“Even just a key or hovering over and give you a little kind of explanation would be life changing.

Understanding

The more familiar a participant was with super, the better they were able to interpret the tool. For those that didn’t have a good understanding of super, interpreting the information presented was a challenge. Those participants indicated they needed better supporting information – for example, hover-over definitions on key terms or more prominent links to support pages – to help them use the tool.

“I think it would be really nice to have a key at the top explaining what a fee is, what return, because … all these terms … do I understand them? Probably not.

Awareness

Only a couple of participants had heard of and used the YourSuper tool before. Some people thought the tool was in pre-release testing. Most people indicated they were surprised they hadn’t come across the tool, and wished they had used it earlier.

“It’s fantastic, I wish we had this like thirty years ago…

“I should have done this earlier. I will look into it further and possibly change funds.

Improvements

There were tweaks to the tool that people felt would have an impact on its usability and usefulness. This included more prominent and simpler explanatory text around the tool; language translation features; and inclusion of more super products with a basic filtering function.

“I kind of like those flow charts where it’s like, ‘Are you in a super [fund]?’ Yes. ‘What are you looking for?’ One, two, three options. And it kind of guides you along the way.

“I think having a person to talk to as an option would help. I think the translated stuff is so important for people who have non English speaking backgrounds.

Discussion

The ATO YourSuper comparison tool was introduced in 2021 to assist people compare MySuper products – the default super product that people are entered into if they do not make an active choice about which product or fund they want to join. Without data on who is using the tool and how, it is difficult to know whether the tool is helping people make good decisions about their super. However, we do know that people are making choices about their super after using the tool.¹

The superannuation market is big and complex. The tool is a welcome introduction that simplifies the process of comparing super funds, but it must be supported by a system of safe default products for people who don’t choose a fund. . For those that do use the tool, though, our research has shown that changes could make the tool more usable, more accessible, and more comprehensive, without overwhelming people with limitless options and information. Through thorough consumer research and testing, we recommend decision-makers consider the following:

• Building awareness: More prominent placement of the tool on the ATO website, timely prompts for use at tax time and an ATO promotion strategy would ensure that more people who’d benefit from the tool would be able to use it.
• Expanding the range of products displayed, and introducing filtering: This would broaden the applicability and usefulness of the tool, while ensuring that responses could be tailored and relevant to the user (for example, through filtering by proximity to retirement so that only risk-appropriate results are displayed).
• Improving accessibility and usability: Simple accessibility and usability fixes like clearer explanatory text, language translation features, and responsive livechat or phone help support would support people to use and understand the tool to a deeper extent.

Read the full report here.

This research was supported by a philanthropic grant from Ecstra Foundation. Ecstra is committed to building the financial wellbeing of Australians within a fair financial system.

¹ Treasury 2022, Your Future Your Super Review: Consultation paper, https://treasury.gov.au/sites/default/files/2022-09/c2022-313936_0.pdf