Cbus members most satisfied

19 September 2019
| By Jassmyn |
image
image
expand image

Cbus has come out on top as the superannuation fund with the most satisfied members, according to Roy Morgan research.

The research house found 73.2% of Cbus members were satisfied, followed by Catholic Super at 71.3%, and UniSuper at 69.6%.

On the other end of the scale, the members with the lowest satisfaction were from AMP (49.5%), ASGARD (52.5%), and BT and IOOF (both at 52.8%).

In terms of the top 12 funds, only three were retail funds – Macquarie sitting at sixth (68.2%), Mercer ninth (64.4%), and Suncorp at twelfth (64.4%).


Satisfaction with Financial Performance of Superannuation - Top 12 Performers Retail and Industry Funds – July 2019

Source: Roy Morgan Single Source (Australia)

 

The research also found that the lead in satisfaction industry funds had over retail funds had widened over the last 12 months.

In July 2019, 62.8% of people with an industry super fund were satisfied (1.1% points on a year ago), and well above retail funds at 57.4% (down 1.2% points).

Roy Morgan chief executive, Michele Levine, said: “The member satisfaction with industry funds has increased 1.1% points to 62.8% over the last year – the equal highest satisfaction for industry funds since March 2008 (63%) which many consider as the onset of global financial crisis with the bankruptcy of US investment bank Bear Stearns.

“The increase in industry fund satisfaction to some extent tracks the performance of the Australian share-markets which reached a new record high in July nearly twelve years after their previous high prior to the GFC,” Levine said.

“However, the decline in member satisfaction with retail super funds from a year ago by 1.2% points to 57.4% shows there is more to managing superannuation than a high-flying share-market.”

Levine noted that for super funds to provide the best service and to retain their members in meeting their needs they needed to understand what set their members apart from the average.

The report noted that the average Cbus member was a middle-class blue-collared Australian who did not obsess over their health, and Macquarie members tended to be wealthier who followed financial news closely.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

19 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

20 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

21 hours ago