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 54.0% (+8.6% 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
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
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.”
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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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