SMSFs have continued to be the superannuation vehicle with the highest rate of member satisfaction, with new consumer research finding that number had reached its highest level in nearly two years.
The Roy Morgan “Superannuation Satisfaction Report” found an overall level of satisfaction with the financial performance of superannuation of 66.7 per cent in January, with SMSFs recording the highest level of contentment and the biggest increase in that figure from July 2023 to January 2024.
The research firm noted that based on its Roy Morgan Single Source Australia survey of 22,203 Australians with work-based or personal superannuation, SMSFs increased their customer satisfaction by 2.4 percentage points to 76.8 per cent.
This was the highest customer satisfaction level recorded in the survey ahead of public sector funds, industry funds and retail funds and was the highest level of contentment recorded for SMSFs since April 2022.
While public sector funds only had an increase in satisfaction of 0.9 percentage points to 72.1 per cent, they were still ahead of industry funds, which moved up 1.8 percentage points to 68.6 per cent, and retail funds, which recorded the lowest increase of 0.4 percentage points to 60 per cent.
The high levels of contentment among SMSF members reflect previous Roy Morgan reports, which routinely show the sector leads other superannuation vehicles for member satisfaction.
Roy Morgan chief executive Michele Levine said the overall increase in customer satisfaction over the past six months by superannuation members was driven by the strong performance of the ASX 200.
“The stock index closed at a record high of 7680.7 at the end of January and has continued to increase over recent weeks – recently closing above 7700 points for the first time,” Levine said.
“Even more impressively, the ASX 200 has increased by over 1300 points, an increase of 20.4 per cent, since hitting a recent low of 6433.4 just over 18 months ago on 20 June 2022, in a period of rising interest rates.”
