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Super satisfaction increasing: Roy Morgan

By Tim Stewart
2 minute read

Australians' satisfaction with their superannuation is on the way up, according to a new survey – and the proportion of people switching super providers is declining.

Roy Morgan's Superannuation & Wealth Management in Australia survey found satisfaction with the financial performance of superannuation in the three months to December was up 5.7 percentage points.

The survey, which is based on 50,000 interviews and conducted annually, found that 59 per cent of Australians were either 'very' or 'fairly' satisfied with their superannuation performance for the three months to December 2014.

This is up from 53.3 per cent in December 2013, but still below the peak of 65.4 per cent in 2007 before the global financial crisis hit.

All retail superannuation funds saw an increase in member satisfaction for the 12 months to December 2014, while AMP and CBA saw the largest increases.

CBA was the highest rated retail group for satisfaction at 57.3 per cent. Industry funds scored 57.5 per cent, public sector funds scored 67 per cent, and SMSFs continue to have the highest overall satisfaction with 77.3 per cent.

The proportion of Australians who have switched their superannuation had been declining up to September 2010, when it hit a low of 2.1 per cent, according to Roy Morgan.

Since September 2010 the proportion of people switching began increasing steadily to 4.8 per cent in the June 2012 quarter.

However, the number of people switching superannuation funds subsequently reduced to 3.3. per cent in the December 2014 quarter.

The biggest winner in the retail space when it comes to switching throughout 2014 was CBA, which saw a net share of switched products of 2.4 per cent (equating to 8.7 per cent products gained, and 6.3 per cent of products lost).

NAB was the biggest loser in the retail space, with a net loss of 3.1 per cent of its superannuation business due to switching.

SMSFs saw the biggest share of switched products, with a net gain of 6.9 per cent.