Investment return and fees were less of a priority for those surveyed as part of the Award, as were communication and the fund’s insurance offering. In particular this year, customer service was a bigger factor for consumers compared to 2020, while the importance of value for money fell back somewhat, having been by far the most prominent factor for consumers last year.
This year’s winning fund came out on top, not only on overall satisfaction, but also most of the variables considered as part of the Award including investment returns and customer service.
ANZ is the super fund with the most satisfied customers in 2021
Major financial services provider ANZ emerged as the super fund with the most satisfied customers, according to Canstar Research. It was ahead of the pack when it came to how its customers scored it on fees, investment returns and insurance, and was ahead of the average of all the eligible funds on value for money, customer service and communication.
ANZ’s super product, ANZ Smart Choice Super, offers members a Lifestage investment option which invests members’ funds based on their age, and a range of investment mixes that allow members to invest their retirement savings based on their individual preferences.
ANZ customers can keep track of their super via the ANZ App or internet banking, alongside any bank accounts they have with the major provider.
How satisfied are different groups of Australians with their super fund?
Canstar’s research revealed some interesting insights into how Australians across a range of demographic groups view their super providers.
Old versus young
Older Australians are more satisfied with their super providers overall, the survey results show. Those aged 70 or older were the most satisfied, followed by those in the 60–69 bracket. Australians aged 50–59 were the least satisfied.
Men versus women
Overall, men were more satisfied with their super provider than women. However, the genders had similar levels of satisfaction when it came to the other variables considered for this Award.
State and territory satisfaction
While there wasn’t much between the results in the various states and territories, Tasmanians surveyed were overall the most satisfied with their super fund. Here is a list of the most satisfied to least satisfied customers by state and territory in Australia:
- Western Australia
- South Australia
- New South Wales
Note that the Northern Territory and Australian Capital Territory did not present a sufficient sample size in the research and were not included in the results. To learn more about how Canstar’s Customer Satisfaction Awards work, you can read the methodology.
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