SMSF members most satisfied

SMSFs customer satisfaction

SMSFs were the highest-ranking fund type in relation to customer satisfaction in 2021, despite COVID-19 challenges, according to a new report.

SMSFs have been ranked the highest for member satisfaction compared to all other types of funds in 2021, according to statistics released by Roy Morgan.

The market research company’s latest “Superannuation Satisfaction Report” revealed SMSF member satisfaction significantly increased by 8.5 percentage points to 80.1 per cent in the 12 months to December 2021.

Other sectors also received a significant boost, with Roy Morgan chief executive Michele Levine saying overall superannuation satisfaction remained at a high level and only strengthened towards the end of the year due to record share market highs.

“Roy Morgan’s superannuation customer satisfaction ratings for the six months to December 2021 show satisfaction across the industry at a near record high of 71.5 per cent – up an impressive 6.7 percentage points on a year ago,” Levine said.

“There have been big increases across all categories over the last year. Industry funds are up 7.9 percentage points to a new record high of 73.5 per cent, while retail funds have increased by almost as much, up 7.2 percentage points to a satisfaction rating of 67.0 per cent.

“However, despite these impressive results it is self-managed super funds which still lead the way with a customer satisfaction rating of 80.1 per cent, up 8.5 percentage points on a year ago, ahead of public sector funds just behind in second place on 77.7 per cent, up 3.9 percentage points.”

The report, which was based on responses from 20,900 Australians with superannuation, noted the stock market’s strong performance over the past 18 months had supported the growth of customer satisfaction regarding industry funds, which reached a new high in 2021.

The period covered by the report was the six months from July 2021 to December 2021, which had been impacted by extended lockdowns across the nation and significant financial support schemes being implemented.

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