The level of satisfaction with superannuation has dropped marginally for those with an SMSF, but overall the sector continues to rate higher among consumers than retail and industry funds, according to new data from Roy Morgan.
The research group found the overall superannuation fund satisfaction had a rating of 63.6 per cent in May, which was down 0.9 per cent on April but up by 2.9 percentage points on May 2019.
During this period, the satisfaction with retail funds increased 2.2 percentage points to 58.7 per cent, while industry funds rose 1.9 percentage points to 64.4 per cent.
In contrast, the SMSF sector dropped 1.9 percentage points but still retained a high overall satisfaction rating of 72.3 per cent, which was only topped by public sector funds, which increased 1.6 percentage points to 72.7 per cent.
Unisuper was named as the industry fund with the highest customer satisfaction rating, while the highest placed retail fund was Colonial First State.
Roy Morgan chief executive Michele Levine said the positive views of superannuation came during a time when people were able to access $10,000 from their fund through COVID-19 early access measures and the performance of the Australian share market was strong.
“The relatively high customer satisfaction rating of Australia’s super funds during this uncertain period is due to the significant bounce back in the Australian share markets. The ASX 200 Index bottomed at 4564 points on March 24 as restrictions were being introduced, but by the end of May it had increased by nearly 30 per cent to close the month at 5851,” Levine said.
Previous findings from Roy Morgan, released in March, also reported that satisfaction with SMSFs remained high during the decline the ASX 200 index.
The findings are part of Roy Morgan’s “Superannuation Satisfaction Report” and are drawn from its Single Source consumer survey, which garnered responses from around 14,000 people in two periods, December 2018 to May 2019 and December 2019 to May 2020.
