New data from Roy Morgan has shown consumer satisfaction with the major banks’ retail superannuation funds has ranked the lowest, trailing counterparts in industry, public and self-managed funds.
Research from Roy Morgan based on a survey of 15,000 fund members has shown consumer satisfaction across the industry now sits at a high of 67.6 per cent.
The subsector that achieved the highest average member satisfaction for the six months to January was public sector funds, which achieved a rating of 75.7 per cent.
Self-managed super funds closely followed, at 75.6 per cent, while industry fund members’ satisfaction over the period was 67.5 per cent.
In comparison, 63.1 per cent of retail fund members felt satisfied with their funds’ performance. For members of retail funds run by the big four banks, the satisfaction rating was 61.6 per cent.
Among industry funds, the top performer was Catholic Super, with a rating of 78.5 per cent – although it carries a smaller base than many other funds. Cbus followed with 78.2 per cent, as well as Tasplan (76.5 per cent), UniSuper (76.4 per cent) and CareSuper (72.5 per cent).
AustralianSuper, the country’s largest fund by number of accounts, came in sixth at 69.5 per cent.
Among retail funds, the top performer was Macquarie, with a rating of 72.9 per cent, followed by OnePath (69.8 per cent), Mercer (66.9 per cent), MLC (64.4 per cent) and Colonial First State (63.9 per cent).
Roy Morgan chief executive Michele Levine commented the market volatility induced by COVID-19 and the government’s early release scheme had piqued members’ interests in their super.
“Together those factors focused people’s attention on their superannuation, to a degree that’s unusual, especially for those who are nowhere near retirement. And Australians have never been more satisfied,” Ms Levine said.
“It’s not surprising to see public sector fund members the most satisfied – some members have the security of now phased-out defined benefit funds, while others receive more than the legally required 9.5 per cent employer contribution.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].