Super funds top banks in trust survey

Superannuation funds have emerged as the financial institution Australians are most likely to trust with their money and investments, according to new research from the Association of Superannuation Funds of Australia (ASFA).

A nationally representative survey conducted by ASFA in early 2026 found 43 per cent of respondents ranked their super fund as their most trusted financial institution, compared with 33 per cent who nominated banks.

Insurers were ranked first by just 2 per cent of respondents and payday lenders by 1 per cent, while 21 per cent said they trusted none of the institutions included in the survey.

Trust in Super Funds Varies by Age

The findings showed trust in super funds generally increased with age, with around half of Australians aged 50 and over ranking their fund as the financial institution they trusted most.

Among Australians aged 18 to 24, that figure fell to 31 per cent, with banks instead leading at 44 per cent.

Respondents aged 25 to 34 recorded a 41 per cent trust level for super funds, compared with 30 per cent for banks.

Employment Status and Trust in Super Funds

A similar pattern emerged when respondents were divided by employment status, with retirees recording the strongest confidence in super funds.

Around 49 per cent of retirees ranked their super fund first, compared with 33 per cent for banks.

The respective figures among working Australians were 41 per cent and 34 per cent.

Among Australians who were not working, 37 per cent nominated their super fund as their most trusted institution and 30 per cent selected banks.

Differences in Trust Between Demographic Groups

Despite the broader strength of confidence in super funds, the survey identified a sizeable difference between culturally and linguistically diverse (CALD) and non-CALD Australians.

Only 28 per cent of CALD respondents ranked their super fund as the institution they trusted most, 16 percentage points below the 44 per cent recorded among non-CALD Australians.

Banks were ranked first by 36 per cent of CALD respondents, compared with 33 per cent of non-CALD respondents.

ASFA said the result was consistent with its previous research identifying barriers faced by some CALD Australians when engaging with superannuation, including language barriers, lower familiarity with Australia’s retirement income system and more limited access to tailored financial information.

Improving engagement and continuing to provide clear, accessible and culturally appropriate information represented an opportunity to strengthen confidence among CALD communities.

While the survey did not identify the reasons behind differences in trust between demographic groups, ASFA said the findings suggested confidence was strongest among Australians with the greatest experience of the superannuation system.