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Satisfaction with Superannuation finishes the year on a high

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

Satisfaction with the financial performance of superannuation in the six months to December 2013 was 52.6%, up 6.0% points since December 2012. Self Managed Super Funds (71.9%) remain the clear leader, followed by Industry Funds (53.5%) and Retail Funds (51.2%). These are the latest findings from the December 2013 Roy Morgan Research ‘Superannuation Satisfaction’ report based on over 30,000 interviews with people per annum with Superannuation.

Retail funds have made ground on their Industry rivals with regards to satisfaction with financial performance of superannuation increasing in the period December 2012 to December 2013 from 41.4% to 51.2% (+9.8% points), compared with Industry funds increasing from 49.1% to 53.5% (+4.4% points) and SMSF’s increasing from 70.1% to 71.9% (+1.8%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 can be witnessed in the 12 months to December 2013 across the major retail brands, with the biggest improver being MLC, from 39.2% to 54.7% (+15.5% points), AMP increasing from 35.8% to 47.7% (+11.9% points) along with the ANZ owned OnePath increasing from 37.2% to 47.1% (+9.9% points).

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 December 2012 n = 15,254. 6 months to December 2013, n = 14,270.

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

Related Research Products

Superannuation and Wealth in Australia ReportLearn more about or purchase the Superannuation and Wealth Management in Australia Report – December 2013. The current Superannuation and Wealth Management in Australia Report is the fifteenth in the series expanding on the original theme by putting superannuation in a more holistic context. It continues the coverage of the superannuation market into the period ended June 2013.

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 dsign 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

7,500

±1.1

±1.0

±0.7

±0.5

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2