The reduction in the gap between the two groups is the result of a 3% points improvement in satisfaction by the Big 6 Retail Funds since December 2010, while Industry Funds have been relatively steady over this period, increasing by only 0.7% points. The rise in satisfaction scores amongst the Big 6 since December 2010 was driven largely by improvements from Westpac (+6.7% points), Commonwealth (+5.6% points) and NAB (+3.5% points). Performance amongst the Industry Funds was mixed with CARE Super the biggest improver (+6.9% points).
Satisfaction with financial performance of superannuation – Industry & Retail
Source: Roy Morgan Research February 2006 – June 2011. Average six month sample n = 15,437.
The satisfaction gap between Industry Funds and the Big 6 Retail Funds is now at its smallest since prior to the Global Financial Crisis in May 2008. Whilst the majority of the Big 6 have enjoyed improvements to their satisfaction during 2011, AMP has stayed at 47%, while the ANZ Group has experienced a drop of 0.7% points, largely driven by satisfaction with their OnePath brand, which has fallen 6.8% points since December 2010.
Amongst the other players, Suncorp has shown a strong level of improvement in their customer satisfaction, with an increase of 13.2% points since December 2010. This improvement has seen Suncorp improve to be rated third in the six months to June 2011. Suncorp are now the only retail fund amongst the top six performing funds.
Satisfaction with financial performance of superannuation
*Includes Industry Funds not shown.
Norman Morris, Industry Communications Director, Roy Morgan Research says:
“The satisfaction gap between Industry Funds and the Big 6 Retail Funds has continued to narrow in recent times and at 3.5%, is now at its smallest since before the Global Financial Crisis.
“Prior to the Global Financial Crisis (GFC) the difference between Industry Fund satisfaction and that of the Big 6 was largely negligible, but the Big 6 took a much bigger hit in customer satisfaction than their Industry counterparts during the GFC. They still have a way to go to close the gap, but the signs of improvement are there.
“How the last few weeks of instability in the stock market will impact on this improvement in satisfaction is likely to take some time to become evident, as it works its way into members statements.”
Purchase the detailed Roy Morgan Superannuation Satisfaction Report. This report provides satisfaction trends with the financial performance of superannuation products in Australia. It looks at five year trends for overall satisfaction with major retail superannuation funds, industry funds, public sector funds and self managed funds.
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