Consumer satisfaction with superannuation has risen for the first time since the start of the COVID-19 pandemic with SMSF members reporting the highest increase in the levels of satisfaction, according to ongoing Roy Morgan surveys.
The research firm stated as part of its Superannuation Satisfaction Report the overall satisfaction rating for superannuation was 61 per cent in October, increasing marginally by 0.6 per cent since September but down 3.1 per cent from October 2019.
The SMSF sector had the largest increase in satisfaction of 1.5 per cent to 65.3 per cent leading industry funds (62.5 per cent) and retail funds (53.6 per cent), however they still remain well below the levels for October 2019 of 75.7 per cent and have the largest year-on-year decline of any sector.
Public sector funds retained the highest level of customer satisfaction for the fifth month in a row, at 71.5 per cent following an increase of 1.3 per cent
Roy Morgan chief executive Michele Levine said the monthly uptick was the first month-on-month increase since the COVID-19 pandemic and may represent a change in attitude after the worst months of pandemic.
“Satisfaction with the financial performance of superannuation funds increased across all four sectors in October – the first time this has happened since COVID-19 hit Australia earlier this year. Overall satisfaction with superannuation funds was at 61 per cent in October 20, an increase of 0.6 percentage points from September 20, although still down a significant 3.1 percentage points on a year ago,” Levine said.
“In further positive news the latest APRA figures on superannuation withdrawal requests show fewer than half of the initial 3.4 million applications for a withdrawal in the period to 30 June 2020 have followed up with a second application for a withdrawal since then. A total of $35.3 billion has now been disbursed under the scheme but less than 10 per cent of that money has been paid out since the end of August,” she added.
The report’s findings are from the Roy Morgan Single Source consumer survey which used in-depth interviews with more than 14,000 Australians during the May to October period.