Australians leaning towards Labor for financial services vote: CoreData
The 2022 federal election campaign is kicking into high gear, and in the countdown to the May 21 election date, new research shows Australian voters generally trust Labor more than the Coalition on issues related to security, continuity and accountability in financial services. industry.
The research shows the clear demarcations along lines of political affiliation, with Labor voters rightly saying they trust Labor more on all these issues, and Coalition voters saying they trust the coalition.
Overall, around a quarter (25%) of more than 500 survey respondents said they planned to vote for the coalition in the 2022 election, and 27% said they were most likely to vote. vote for Labour. About 22% said they would not vote for a political party or independent, or were undecided.
CoreData’s Q1 2022 survey of confidence in financial services among 509 Australians aged 18 or over shows around three in 10 (30%) trust Labor more to ensure the pension system serves the best interests of the members of the super fund. Overall, about a quarter (24%) of voters trust the Coalition more. Clearly, respondents who consider themselves Labor voters trust Labor more than the Coalition; and respondents who consider themselves Coalition voters trust it more.
It’s a similar story with who Australians are most confident about not tinkering with retirement rules after the election. Here, the main parties are neck and neck (24% trust the Coalition the most, 23% trust Labor the most), but roughly the same proportion (25%) say they don’t know.
Slightly more voters (29%) trust Labor than the Coalition (25%) to ensure that the regulation of the financial services sector is sound, but they trust Labor significantly more (28%) than the Coalition (19%)) to give corporate regulators – the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority – the funding and resources they need to effectively carry out their their responsibilities.
Labor (30%) is also more trusted than the Coalition (19%) to ensure that financial services consumer protection is strong, to ensure that financial services companies are effectively called upon to make wrongdoing (27% vs. 16%) and ensuring that financial services company executives are held accountable for how the companies they work for treat consumers (27% vs. 15%).
Trust is difficult to measure in politics because much of people’s opinions of politicians are formed through a relatively superficial relationship – mostly through what they see and hear in the media. And political affiliations can be long-standing and rusty, deeply influenced by friends and family, and difficult to alter by the issues of the moment.
Nevertheless, Australians have a low level of self-reported trust in state/territory and federal politicians. Only around a quarter of Australians trust either, with just 27% rating their trust in state/territory politicians at six or more on a scale of 0 to 10; and only 24% rate their trust in federal politicians at six or better.
In comparison, trust in paramedics and nurses is over 90%, and trust in pharmacists, general practitioners, medical specialists, engineers and teachers is 80% or higher.
And in case you were wondering, confidence in financial planners at 47% in the first quarter of this year is down a bit from 51% in the previous quarter, but in line with where it has been since the end of 2020. This is lower than that of actuaries, lawyers, psychologists, accountants and police officers. But it’s better than the executives of retail and industrial superfunds, bank executives, real estate agents, our political friends and insurance company executives. So it’s something.
CoreData Global Managing Director Andrew Inwood will provide more information on the research at professional planner Summit of licensees in June.