Which super fund has the most satisfied members in 2021?

Source: Andrey_Popov/Shutterstock.com

Aussie consumers put most emphasis on value for money and customer service when weighing up how satisfied they are with their super fund, new Canstar research reveals, as the winner of Most Satisfied Customers – Super Fund Award for 2021 is announced.

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.

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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:

Tasmania
Queensland
Western Australia
South Australia
New South Wales
Victoria

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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Cover image source: Andrey_Popov/Shutterstock.com

This article was reviewed by our Sub Editor Jacqueline Belesky before it was updated, as part of our fact-checking process.

Sean Callery

Former Deputy Editor

Sean Callery is a former Deputy Editor at Canstar. When at Canstar, he and his team covered just about every finance and lifestyle topic under the sun, from property to budgeting to the nitty-gritty of financial products like home loans, superannuation, and insurance. Sean has written and edited hundreds of finance articles for Canstar and his work has been referenced far and wide by other publications and media outlets, including Yahoo Finance and 9News.

Sean has accumulated more than a decade of international experience in communications roles – in Australia, the UK and Ireland – across finance, banking, consumer and legal affairs, and more. His work as a journalist has featured in various publications and media outlets, including the Drogheda Independent, the Law Society of Scotland Journal and Ireland’s national broadcaster, Raidió Teilifís Éireann. Before joining Canstar, Sean oversaw content at Great Southern Bank (formerly CUA), one of Australia’s biggest member-owned financial institutions. He has a Bachelor’s Degree in Journalism (Dublin City University) and a Masters Degree in Creative Advertising (Edinburgh Napier University).