Super satisfaction reaches new high
Australians are increasingly impressed with the performance of superannuation funds, with the long-held satisfaction gap between industry and retail funds finally narrowing, research shows.
Overall satisfaction rose 6 per cent last year, ending the year on 52.6 per cent, according to the latest Roy Morgan Superannuation Satisfaction snapshot.
And while self-managed superannuation funds (SMSFs) remained the front-runner - with 71.9 per cent of surveyed customers satisfied - the decade-long divide between retail and industry funds started to close in.
Satisfaction with retail funds rose 9.8 percentage points over the year, from 41.4 per cent to 51.2 per cent, while industry fund satisfaction jumped 4.4 points, from 49.1 per cent to 53.5 per cent.
Roy Morgan industry communications director Norman Morris said the research shows a strong link between financial performance and satisfaction.
"With growing competition between the Industry and Retail funds for market share and the rapid expansion of the SMSF sector, satisfaction with financial performance is increasingly a factor that fund managers should be taking notice of," he said.
The survey was based on interviews with 30,000 people over the year.
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