Type of superannuation fund

Jul 22, 2014

Q. What type of fund is your main superannuation fund?

 

Total

 

Men

Women

Aged

18-34

Aged

35-54

Aged 55+

An industry fund

39%

37%

41%

42%

44%

28%

A retail fund

19%

20%

18%

15%

23%

18%

A self-managed fund

9%

10%

8%

6%

9%

12%

Don’t know

15%

16%

15%

23%

14%

6%

Don’t have any superannuation funds

18%

18%

18%

14%

9%

35%

39% say their main superannuation fund is an industry fund, 19% a retail fund and 9% a self managed fund.

48% of those aged 25-44 are in an industry fund, and 23% of those aged 35-54 are in a retail fund. 13% of those aged 55+ have a self-managed fund.

47% of those aged 65+ say they have no superannuation fund.

Performance of superannuation fund

Jul 22, 2014

Q. How satisfied are you with the performance of your superannuation fund?

 

Total

 

Men

Women

Aged

18-34

Aged

35-54

Aged 55+

 

Industry fund

Retail fund

Self-managed

Total satisfied

73%

 

73%

74%

62%

78%

86%

80%

77%

92%

Total dissatisfied

10%

 

12%

8%

12%

9%

11%

7%

13%

5%

Very satisfied

14%

13%

15%

10%

14%

23%

14%

17%

25%

Satisfied

59%

60%

59%

52%

64%

63%

66%

60%

67%

Dissatisfied

7%

8%

6%

8%

6%

9%

5%

9%

4%

Very dissatisfied

3%

4%

2%

4%

3%

2%

2%

4%

1%

Don’t know

16%

15%

17%

26%

14%

3%

12%

10%

4%

73% of respondents say they are satisfied with the performance of their superannuation fund and 10% are dissatisfied.

92% of those with self-managed funds were satisfied compared with 80% for industry funds and 77% for retail funds.

26% of those aged 18-34 could not give an opinion.

Superannuation fund fees

Jul 22, 2014

Q. Do you know how much you are paying in fees each year to your superannuation fund? 

 

Total

 

Men

Women

Aged

18-34

Aged

35-54

Aged 55+

 

Industry fund

Retail fund

Self-managed

Yes, I know exactly

18%

 

22%

15%

9%

18%

35%

17%

21%

46%

Yes, I know approximately

41%

 

42%

41%

38%

41%

46%

43%

51%

40%

No, I don’t know

40%

36%

44%

53%

41%

19%

41%

28%

14%

18% say they know exactly how much they are paying in fees to their superannuation fund, 41% know approximately and 40% don’t know.

Those more likely to not know how much they were paying in fees were aged 18-34 (53%) and those with lower education levels (49% of those with no post-secondary education).

Federal politics – voting intention

Jul 15, 2014

Q. If a Federal Election was held today to which party will you probably give your first preference vote? If not sure, which party are you currently leaning toward?

Q. If don’t know -Well which party are you currently leaning to?

Sample size = 1,818 respondents

First preference/leaning to

Election

7 Sep 13

 

4 weeks ago 17/6/14

2 weeks ago

1/7/14

Last week

8/7/14

This week

15/7/14

Liberal

 

36%

37%

36%

35%

National

3%

3%

3%

3%

Total Lib/Nat

45.6%

39%

40%

39%

38%

Labor

33.4%

41%

38%

40%

40%

Greens

8.6%

9%

9%

9%

9%

Palmer United Party

5.5%

5%

6%

6%

6%

Other/Independent

6.9%

7%

7%

7%

7%

 

2 Party Preferred

Election

7 Sep 13

 

4 weeks ago 17/6/14

2 weeks ago

1/7/14

Last week

8/7/14

This week

15/7/14

Liberal National

53.5%

46%

48%

47%

47%

Labor

46.5%

54%

52%

53%

53%

NB. The data in the above tables comprise 2-week averages derived from the first preference/leaning to voting questions.  Respondents who select ‘don’t know’ are not included in the results.  The two-party preferred estimate is calculated by distributing the votes of the other parties according to their preferences at the 2013 election. 

Financial advice

Jul 15, 2014

Q. Have you ever used a financial planner or received financial advice from a bank? 

 

Total

 

Income less than $600pw

Income $600-1,000pw

Income $1,00-1,600pw

Income $1,600+

pw

 

Aged 18-34

Aged 35-54

Aged 55+

Yes

29%

24%

29%

36%

32%

16%

32%

42%

No

71%

76%

71%

64%

68%

84%

68%

58%

 29% say they have used a financial planner or received financial advice from a bank.

Those most likely to have received advice or used a planner were aged 55+ (42%) and those earning $1,000-1,600pw (36%).

Opinion of financial advice

Jul 15, 2014

Q. Overall, did you receive good or bad advice? 

 

Total

 

Income less than $600pw

Income $600-1,000pw

Income $1,00-1,600pw

Income $1,600+

pw

 

Aged 18-34

Aged 35-54

Aged 55+

Total good

65%

58%

61%

79%

57%

 

74%

64%

62%

Total bad

10%

21%

13%

3%

9%

 

6%

9%

13%

Very good

17%

11%

34%

16%

11%

12%

11%

26%

Good

48%

47%

27%

63%

46%

62%

53%

36%

Neither good nor bad

25%

21%

24%

17%

33%

17%

27%

24%

Bad

6%

8%

11%

2%

5%

4%

5%

7%

Very bad

4%

13%

2%

1%

4%

2%

4%

6%

Don’t know

1%

-

2%

1%

1%

2%

1%

-

65% of those who have received financial advice say it was good advice and 10% say they received bad advice.

Those most likely to think they received bad advice were aged 55+ (13%) and incomes under $600pw (21%)

Trust in financial planners

Jul 15, 2014

Q. How much trust do you have in financial planners to give you independent and appropriate advice?

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote Other

 

Received financial advice

Total lot/some trust

37%

38%

41%

34%

25%

63%

Total little/no trust

49%

44%

50%

51%

67%

35%

A lot of trust

8%

6%

14%

1%

3%

19%

Some trust

29%

32%

27%

33%

22%

44%

Little trust

29%

24%

31%

38%

34%

24%

No trust at all

20%

20%

19%

13%

33%

11%

Don’t know

15%

18%

10%

15%

8%

2%

37% say they have a lot or some trust in financial planners to give independent and appropriate advice and 49% have little or no trust.

Of those who have received financial advice or used a planner, 63% have a lot/some trust and 35% have little/no trust in financial planners.

For those on higher incomes (over $1,600pw), 40% have a lot/some trust and 51% little/no trust.

Royal Commission

Jul 15, 2014

Q. Following reports of fraud, forgery and a cover-up in the financial planning division of the Commonwealth Bank, there have been calls for a Royal Commission. Would you agree or disagree that there needs to be a Royal Commission into banks and financial planning?

 

Total

 

Vote Labor

Vote Lib/Nat

Vote Greens

Vote Other

 

Received financial advice

Total agree

73%

76%

70%

75%

71%

80%

Total disagree

11%

6%

16%

4%

14%

12%

Strongly agree

34%

35%

29%

37%

42%

33%

Agree

39%

41%

41%

38%

29%

47%

Disagree

8%

5%

11%

4%

9%

10%

Strongly disagree

3%

1%

5%

-

5%

2%

Don’t know

17%

17%

15%

20%

14%

8%

73% agree and only 11% disagree that there needs to be a Royal Commission into banks and financial planning.

At least 70% of all voter groups agree and 80% of people who have used a planner or received a financial advice also agree.