The latest research company data has shown individuals with an SMSF continue to be the most satisfied superannuants in the nation.
The “Roy Morgan Superannuation Satisfaction Report” revealed 73.4 per cent of SMSF members were satisfied with their chosen retirement savings structure. The result did however represent a drop of 0.1 per cent over the past year.
Industry funds rated next best with 62.1 per cent of their members expressing satisfaction, a jump over the last 12 months of 0.9 per cent.
Retail funds fared the worst with 55.7 per cent of members in this segment admitting they were satisfied which is a 12 month drop of 3.5 per cent.
Roy Morgan attributed the satisfaction levels SMSFs achieved to the fact that these funds have the least amount of members with balances of under $100,000 – the segment with the lowest satisfaction levels.
Industry funds rated better in the six months to February 2019 achieving higher levels of satisfaction than SMSFs for members with balances between $100,000 and $600,00.
According to Roy Morgan industry funds bucked the general rule whereby satisfaction is positively correlated with the size of a member’s super asset balance. In this market sector satisfaction drops slightly with members who have balances in excess of $700,000.
Roy Morgan industry communications director Norman Morris note the results did not bode well for retail super funds.
“The fact that retail funds now trail industry funds in terms of member satisfaction with performance across all segments, is a major challenge for them as they now face completion from both SMSFs for higher balances and industry funds across all segments,” Norman said.
The survey is based upon face-to-face interviews with over 50,000 consumers across the year including 30,000 plus super fund members.