Satisfaction with Self Managed Super Funds remains ahead with 72.2%, followed by Industry Funds (48.7%) and Retail Funds (41.9%).
Satisfaction with the financial performance of superannuation in the six months to January 2013 was 46.6%, unchanged since December 2012 and 3.7% points lower than 12 months ago. Self Managed Super Funds remain the clear leader with 72.2%, followed by Industry Funds (48.7%) and Retail Funds (41.9%). These are the latest findings from the January 2013 Roy Morgan Research ‘Superannuation Satisfaction’ report based on over 30,000 interviews with people per annum with Superannuation.
The consistently below average result for Retail super funds in terms of client satisfaction with financial performance has been seen over the longer term and currently lags the average by 4.7% points, with the largest gap being in January 2009 (5.4% points).
Satisfaction with financial performance of superannuation increases with the balance held. For balances under $100,000 satisfaction is 43.7%, for $100,000-$249,999 it is 48.7%, $250,000-$499,999 (56.9%) and for $500,000 or more it is 65.7%.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“Our research shows that although there is a strong correlation between satisfaction with superannuation financial performance and the amount in super, the issue regarding who manages the super also has a major impact. It appears that satisfaction with superannuation has a lot to do with the level of engagement, which is higher among self managed funds and higher balances.
“The poor satisfaction levels of Retail Funds across all balance levels obviously are of concern, considering that financial planners are more likely to direct their clients to them.”
Satisfaction over time - Source: Roy Morgan Single Source (Australia), 6 months moving average. Average sample size = 15,500. Base: Australians 14+ with Work Based or Personal Superannuation.
Satisfaction by amount - Source: Roy Morgan Single Source (Australia), 6 months to January 2013, sample size = 14,973.
Base: Australians 14+ with Work Based or Personal Superannuation.
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.
P: +61 3 9224 5209