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.
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Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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