When it comes to choosing a superannuation fund, many people can feel overwhelmed. However, after the Banking Royal Commission shone a light on Australia’s super system as a whole recently, a new survey has now named the country’s most popular fund with customers.
Financial comparison site Canstar has launched a Superannuation Customer Satisfaction Award in an effort to understand the Australian people.
The research institute surveyed over 3,300 people with superannuation from across 70 funds and found that the country’s largest super fund for the building, construction and allied industries, Cbus, had the most satisfied customers overall.
When it came to value for money, customer service and communication, Cbus’ members were found to be the most satisfied while they also ranked the super fund highly for investment returns and fees.
Speaking about the results, Canstar superannuation expert Steve Mickenbecker praised the fund for its positive result, claiming now is the perfect time to analyse varying funds.
“This is particularly important following the Banking Royal Commission, which drew attention to fees and underperformance by some super funds,” he explained.
“The winner of Canstar’s first ever Superannuation Customer Satisfaction Awards, Cbus, achieved the highest overall satisfaction from its customers.
“This fund is known for supporting the more risk-prone building and construction industries and it’s great to see its members are happy with its offering.”
The Superannuation Customer Satisfaction Award survey found value for money was the greatest driver of customer satisfaction, with it accounting for 27 per cent.
While the secondary drivers of satisfaction were customer service (22 per cent), followed by communication (21 per cent), investment returns (16 per cent) and fees (14 per cent).
However, surprisingly the survey also revealed almost one in 10 Australians don’t even check their super balance, something which Mickenbecker said is necessary.
The majority of Aussies claimed they check theirs online (61 per cent), followed by a statement at 25 per cent, and 5 per cent through MyGov. But an alarming 9 per cent admitted they don’t check it at all.
“We found there are a number of Australians that don’t check the balance of their superannuation, though we would urge everyone to be more engaged with the super as it could mean the difference between a comfortable retirement and living frugally in your golden years,” Mickenbecker explained.
“Checking your balance is a great starting point to help spur on your retirement plans but consider too how much you’re paying in fees, the type and cost of life insurance cover included and whether the investment option is fitting for your life-stage.”
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial situation, objectives or needs. That means it’s not financial product advice and shouldn’t be relied upon as if it is. Before making a financial decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services advice.