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Satisfaction with financial performance of superannuation highest since GFC

Source: Roy Morgan Single Source (Australia), 6 month rolling, average sample size = 15,500. Base: Australians 14+ with Work Based or Personal Superannuation. Base: Australians 14+ with Work Based or Personal Superannuation, 6 months to July 2013 n = 15,899. 6 months to July 2014, n = 16,301.
Satisfaction with the financial performance of superannuation in the six months to July 2014 was 55.7%, up 6.9% points since July 2013. Self-managed Super Funds (77.9%) remain the clear leader, followed by Industry Funds (56.2%) and Retail Funds (54.2%). These are the latest findings from the July 2014 Roy Morgan Research ‘Superannuation Satisfaction’ report based on over 30,000 interviews with people per annum with Superannuation.

Retail funds have made up some ground on their Industry Fund rivals with regards to satisfaction with financial performance, increasing in the period July 2013 to July 2014 from 45.4% to 54.2% (+8.8% points), compared with Industry funds increasing from 50.3% to 56.2% (+5.9% points), with SMSF’s also increasing from 71.9% to 77.9% (+6.0%points) over the same period.

Satisfaction with the Financial Performance of Superannuation

super-satisfaction1

Source: Roy Morgan Single Source (Australia), 6 month rolling, average sample size = 15,500. Base: Australians 14+ with Work Based or Personal Superannuation.

At a Retail brand level,  the increase in satisfaction was across all the major brands, with the biggest improver in the last 12 months being BT,  going from 48.4% to 58.7% (+10.3% points) to lead the other majors in satisfaction with financial performance.

Satisfaction with the Financial Performance of Retail Superannuation Funds

superannuation-satisfaction-by-brand

Source: Roy Morgan Single Source (Australia), Base: Australians 14+ with Work Based or Personal Superannuation.  6 months to July 2013 n = 15,899.  6 months to July 2014, n = 16,301.

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

“With growing competition between the Industry and Retail funds for market share and the rapid expansion of the SMSF sector, satisfaction with financial performance is increasingly a factor that fund managers should be taking notice of. Our research shows that there is a strong correlation between satisfaction with superannuation financial performance and the likelihood of switching funds.”

For comments or more information please contact:

Norman Morris, Industry Communications Director
Telephone: +61 (3) 9224 5172
Mobile: +61 402 014 474
Email: norman.morris@roymorgan.com

Please click on this link to the Roy Morgan Online Store

Related research reports

Details of the results across Superannuation Sectors can be found in the latest Superannuation Satisfaction Report via the Roy Morgan Research Online Store. Roy Morgan Research also collects information on the intention to switch super funds and the reasons given and the destination of fund flows, providing a picture on the market from the customer point of view. This information can be found in the Roy Morgan Research Superannuation and Wealth Management Report.

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 New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.

In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions 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 margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error 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

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2