Super fund members are less satisfied, more likely to change funds
/A survey of superannuation members found satisfaction is down, and more members are considering switching funds. The survey, CSBA FEAL Superannuation Fx, surveyed around 5,500 super members from 20 different funds.
Key findings include:
Overall satisfaction dropped from 8.1 to 7.7
Ease of dealing with a fund dropped from 8.3 to 8.0
The likelihood of switching funds increased from 17 per cent to 23 per cent
Of those who had interacted with their super fund, a quarter said they had considered switching in the past 12 months, and 63 per cent said they’d do so in the next 12 months
In 2021, just 18 per cent were considering a switch and 49 per cent intended on switching
The age group 35-44 were most likely to switch, with 30 per cent saying they’d likely do so in the coming year
Those aged 25-34 were also at high risk, with 26 per cent indicating a desire to swtich
Fifty-nine per cent of those aged 55 and over said they had a high degree of confidence that they would be comfortable in retirement, while 33 per cent said their fund didn’t empower them to plan or prepare for retirement - last year it was a quarter
