Canstar’s most satisfied customers – super fund award winner for 2022 revealed

Canstar has revealed which super fund in Australia has the most satisfied customers in 2022, according to a survey of thousands of fund members.

Canstar asked 3,249 Australians to rate their current super fund on factors including fees, investment return, customer service and value for money. Aware Super was the fund that emerged with the highest score for overall satisfaction, meaning it is the winner of Canstar’s Most Satisfied Customers – Super Fund Award for 2022.

This year, value for money was once again the factor that had the biggest bearing on overall satisfaction, followed by customer service, then investment returns and communication. Investment options and fees were jointly the second-least important factors for consumers surveyed, while insurance offered by the fund had the least impact on overall satisfaction.

To learn more about how Canstar’s Customer Satisfaction Awards work, you can read the methodology.

This year’s winner outscored the other eligible funds overall, based on a strong performance in each of the categories customers were asked about.

Most Satisfied Customers – Super Fund Award winner for 2022: Aware Super

Aware Super is the winner of Canstar’s Most Satisfied Customers – Super Fund Award for 2022. It scored particularly well among its members on value for money and communication, and beat the average score of all eligible funds in each category.

It was also a winner of one of Canstar’s Outstanding Value Superannuation Awards in 2022, which are determined by Canstar’s expert researchers.

Aware Super is one of Australia’s largest super funds, with $148 billion in funds under management for 1.1 million members, according to its 2020/21 annual report. It offers a range of products and services to members, including accumulation accounts for those saving for retirement and income stream accounts for members drawing down their super. It also offers insurance and financial advice to members.

Aware Super started out in 1992 as a super fund for public sector workers in New South Wales, but has been open to all members since 2006. It changed its name to Aware Super in 2020, having previously been called First State Super.

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How satisfied are different groups of Australians with their super fund in 2022?

As well as revealing which fund has the most satisfied customers, Canstar’s survey also shed light on how pleased different groups of people are with their fund. Here are some of the trends revealed in our research.

Age

Older Australians are generally more satisfied with the super provider, with those aged 70 years and over being the most satisfied age group. Younger people are generally less satisfied according to the survey. Australians aged 18–29 gave their fund a lower rating than any other age group.

Gender

Of those respondents who identified as either male or female, men gave their super fund a higher score overall. Of the factors considered, both men and women were most satisfied with their fund’s value for money, and least satisfied with how their provider communicated with them.

State and territory

As with last year’s results, there wasn’t much to choose from in terms of how people in the different states and territories scored their fund. Western Australians were the most satisfied, followed by South Australians and Tasmanians in joint-second. After being the least happy state or territory last year, Victoria improved in 2022 in terms of how satisfied its people were with their super fund.

States and territories by level of customer satisfaction with super fund

From most satisfied to least satisfied, here is how Australians ranked their satisfaction with their super fund in Canstar’s survey results:

1. Western Australia
2. South Australia and Tasmania
3. New South Wales
4. Victoria
5. Queensland
6. Australian Capital Territory.

Note that respondents in the Northern Territory did not present a sufficient sample size in the research to be considered in this state and territory breakdown.

Cover image source: Dean Drobot/Shutterstock.com.

About Canstar’s Research team

Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions.

As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 775 brands, across more than 30 finance categories.

Our expert researchers analyse each product we rate by comparing price and features, with the top products being recognised with a 5-Star Rating.

Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.

→ Discover Canstar’s latest Star Ratings and Award winners