Recent SMSF research has produced data counteracting some of the well-publicised issues often used as a basis for criticism of the sector.
Opponents of SMSFs have commonly claimed it is too time consuming for most people to run their own super fund, however, the “Women and SMSFs: Empowering and supporting SMSF members on their investment journey” report revealed 79 per cent of SMSF trustees surveyed thought the time spent running the fund had either met or exceeded their expectations in a positive way.
Another criticism levelled at SMSFs is they are too difficult to establish.
However, the joint study from the SMSF Association and Commonwealth Bank of Australia (CBA) found 80 per cent of respondents had their expectations either met or exceeded in that area.
“This is actually showing that time isn’t an issue, it’s actually a bit of a furphy,” SMSF Association chief executive Andrea Slattery said.
“The ease of setting one up and the complexity of setting one up is also a bit of a furphy.
“People have had confidence in [the process] and it’s actually met their expectations.”
On another positive note, the research found trustees were pleased with how many asset classes they gained exposure to once they had established an SMSF, with 77 per cent of participants having their expectations here met or exceeded.
“It starts to show that perhaps people are seeking information about asset classes too,” Slattery added.
Overall, the report showed 84 per cent of people who had set up an SMSF had their expectations either met or exceeded.
“This is a significantly high number and it’s much, much higher than previous research,” Slattery said.
“That is a figure that hasn’t been seen before.”
Galaxy Research conducted the survey on behalf of the SMSF Association and CBA.
The report garnered the views of 801 SMSF trustees and 535 non-SMSF members aged 18 and over.