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Click here to purchase a detailed Satisfaction with Financial Performance of Superannuation in Australia Report

and Superannuation and Wealth Management in Australia Report

The latest results from the Roy Morgan Superannuation Satisfaction Survey for the 6 months to October 2009 show that after bottoming out in June/July 2009, satisfaction with the financial performance of superannuation has begun to improve slowly to October 2009. Satisfaction is now up by 0.4 percentage points from the low point and is currently 49.5%, still well below the peak of 64.6% reached in January 2008. The change since July 2009 has been very uneven across fund managers, with the biggest improvement coming from Self Managed Funds (up 3.7% points), followed by the CBA Group (up 3.4% points). This contrasts with the performance of NAB (down 1.8 % points) and AMP (down 1.5% points).

In the 6 months to October 2009, Industry Funds (51.0% satisfaction) as a group remained ahead of the major retail funds (43.4% satisfaction) in terms of customer satisfaction with the financial performance but as they have not yet shown much improvement (up 0.3 percentage points) since the overall low satisfaction reached for the industry in 2009 they are being challenged strongly by the CBA Group on 49.4% satisfaction, which now clearly leads the major six retail funds.

Satisfaction with Financial Performance of Superannuation

It is important not to generalise on the performance of Industry Funds as they are obviously made up of many individual funds and as a result there is a considerable variation in performance among the major funds. The best performers were MTAA (56.7% satisfaction) and CBUS (56.1%). The worst performers Health Super (41.0%) and REST (44.7%).

Amongst the major retail funds AXA has generally been the poorest performer over the last 12 months and in October has a satisfaction level of only 38.5%, followed by AMP with 41.4% and the NAB Group with 41.9%.

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“The substantial improvements in stock markets are beginning to filter through to customer satisfaction among superannuation fund members but it appears that members of a number of funds are yet to feel that their fund has shown any improvement.

“The clear lead among the big six  now being shown by the CBA Group is a result of a strong performance at both ends of the market, in particular they have the best satisfaction level in the under $ 100k in superannuation segment ( narrowly ahead of Industry Funds ) and they perform better than AMP, AXA and the NAB Group in the over $100k market.

“The real threat to the major retail funds appears to be coming from the rapid growth in Self Managed Funds which have a much higher level of satisfaction ( 70.9%) compared to the big six average of only 43.4% and are also showing the greatest level of improvement since the market low.

“The recently released Roy Morgan Research report “ Superannuation & Wealth Management in Australia” showed that there is a much greater likelihood that superannuation members will consider moving to another fund manager if they become dissatisfied with the financial performance of their fund.”

For detailed Satisfaction with Financial Performance of Superannuation in Australia Report and Superannuation and Wealth Management in Australia Report — visit the Roy Morgan Online Store

For comments or further detail, please contact:

Norman Morris, Industry Communications Director

Email: Norman.Morris@roymorgan.com

Telephone: +61 (03) 9224 5172; Mobile: +61 402 014 474

About Roy Morgan Research:

Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in the United States, United Kingdom, New Zealand and Indonesia. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has more than 65 years experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on print media measurement, financial behaviour, voting intention and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets. 

Margin of Error

The following table gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size	Percentage Estimate
	40%-60%	25% or 75%	10% or 90%	5% or 95%
5,000	±1.4	±1.2	±0.8	±0.6
50,000	±0.4	±0.4	±0.3	±0.2

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