Just 54 per cent of Australians are satisfied with their superannuation fund’s financial performance, according to a survey by Roy Morgan Research.

“Current market conditions are likely to see this begin to decline,” says Roy Morgan whose survey was based on interviews with 50,000 people a year of whom about 30,000 people have superannuation.

The proportion of those who switched superannuation fund managers was 3.2 per cent as of June 2011. That is up from 2.3 per cent in June 2010.

Australia’s superannuation market was $1.2 trillion as of June 2011. Women make up more than half the country’s population but hold 36 per cent of superannuation’s assets.

“Superannuation is not performing well and people are pretty disillusioned at the moment with so many negative headlines,” says Norman Morris, industry communications director at Roy Morgan.

“The prospect of increased contributions may annoy people further,” says Morris.

Industry funds accounted for 44 per cent of wealth management customers in Australia including superannuation, pensions and annuities as of June 2011. Public sector funds accounted for 13 per cent.

AMP Ltd. had market share of wealth management customers of 6.8 per cent as of June 2011. Commonwealth Bank of Australia Ltd. and its fund management unit Colonial had a 6.5 per cent market share.

National Australia Bank Ltd. and its unit MLC had a 5.2 per cent market share as of June 2011. Westpac Banking Corp. had a 3.7 per cent share.

Fifty two per cent of CBA customers are satisfied with their fund’s performance as of June 2011. Fifty per cent of Westpac’s customers are satisfied with their fund managers, as are half of NAB’s customers.

Forty eight per cent of AMP’s customers are satisfied with their fund managers as of June 2011.

Sixty one per cent of public sector fund customers are satisfied with their fund managers as of June 2011. Fifty four per cent of industry fund customers are satisfied with their fund managers.

Sixty five per cent of Catholic Super’s customers are satisfied with the fund as of June 2011. Sixty per cent of LUCRF Super’s customers are satisfied with the fund’s performance while 57 per cent of Cbus and HESTA’s customers are satisfied.

Fifty one per cent of MTAA Super’s customers are satisfied with the fund’s performance as of June 2011, down from 59 per cent in June 2010.