Industry superannuation funds have dominated retail funds (owned by banks and other financial institutions) in Roy Morgan’s customer satisfaction results yet again, making 2014 the 12th consecutive year that industry funds came out on top (1)
According to the latest survey, industry fund members were consistently more satisfied with the financial performance of their super in every bracket, with the exception of balances under $5,000 (see diagram below). (2)
Satisfaction with financial performance of superannuation by balance held
Norman Morris, Industry Communications Director at Roy Morgan Research says, “What’s interesting to note about this latest research is that customer satisfaction increased considerably in line with the member’s overall super balance. After years of analysing various superannuation surveys, I would suggest that one contributing factor could be the compounding investment return that accrues over the long term as super balances increase. Essentially people like to watch their money grow. The compounding effect, even on smaller balances, is really significant to increasing one’s overall super balance.” (3)
Vision Super’s CEO, Stephen Rowe, says that the research just provides more evidence that industry funds are doing the right thing for their members. “As an industry super fund, we operate solely to benefit our members and our main aim is to help them achieve the kind of lifestyle they hope for in retirement.”
“One of the strategies that we recommend to members to reach their goals is to boost their super balance whenever they can, so they can maximise the benefits of compounding. To do this, we recommend that members contribute as much and as often as they can, on top of their employer’s contributions. Just a little extra per week can make all the difference,” he says.
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(1) Roy Morgan Single Source (Australia), six months rolling July 2002 – December 2014
(2) Roy Morgan Single Source (Australia, six months to December 2014 (n=15,932)
(3)Norman Morris, Phone Interview with Vision Super (Melbourne, 20 February 2015)