Satisfaction with industry superannuation was higher than with retail funds over the last three months, according to Roy Morgan’s November Superannuation Satisfaction Report.
The report, which covered 30,000 super fund members per annum, found that satisfaction with industry funds was at 59.2 per cent, as compared to retail funds at 57.5 per cent.
This was the third month in a row that industry fund satisfaction had outperformed that of retail funds, after the opposite trend occurring for the seven months prior.
Satisfaction with self-managed superannuation funds (SMSFs) was highest of all at 71.9 per cent, despite being down by 2.4 per cent over the last year.
In the six months to November 2017 SMSFs had the highest satisfaction for funds with balances of $700,000 and over at 83.0 per cent, while industry funds led satisfaction in the $100,000 - $699,999 bracket at 75.3 per cent.
Retail funds were the most satisfying only for members with balances under $5,000.
Satisfaction with superannuation funds’ financial performance in the six months to November 2017
Norman Morris, Roy Morgan industry communications director warned that super fund members should not be influenced by short term fluctuations in fund performance though, as superannuation is a long-term investment.
“This fact is highlighted in the research which shows that the fifteen largest funds measured for movements in satisfaction over the last year, nine showed an improvement and six showed a decline,” Morris said.
“We have seen over the years that these movements are often reversed, making the chasing of short term winners rather precarious.”