SMSFs still on top for member satisfaction

SMSFs continue to record the highest level of satisfaction from their members in regards to their financial performance, according to consumer polling conducted by Roy Morgan.

In the latest edition of its “Superannuation Satisfaction Report”, the market research firm found overall satisfaction with superannuation increased from 64.7 per cent to 71.7 per cent for the year from April 2020 to April 2021.

SMSF members reported the highest level of satisfaction with financial performance at 81.1 per cent, up 5.8 percentage points from 75.3 per cent over the year. While that was not the largest increase in satisfaction across the different segments of superannuation, SMSFs were also the highest rated sector for satisfaction in April 2020.

Retail superannuation funds recorded the highest increase in satisfaction levels, up by 7.2 percentage points from 60.6 per cent in 2020 to 67.8 per cent in 2021, but despite this they still ranked behind industry funds, public sector funds and SMSFs in terms of overall satisfaction.

Public sector funds ranked second behind SMSFs for overall satisfaction at 78.9 per cent, up 4.8 percentage points since April 2020, while industry fund satisfaction rose by 6.8 percentage points over the year to April 2021.

Roy Morgan chief executive Michele Levine noted the highest levels of satisfaction across the board followed the ending of the harshest conditions of the COVID-19 restrictions and strong gains on the ASX 200, which has added 1245 points to 6790 since the end of the Victorian lockdown in October 2020.

The satisfaction figures were taken from the Roy Morgan Single Source Australia survey conducted between November 2020 and April 2021 with a sample size of 19,117 Australians aged 14 years and over with work-based or personal superannuation.

SMSFs have regularly recorded high levels of satisfaction in past surveys, including during and after the COVID-19 lockdowns of 2020.

Jason Spits
May 26, 2021
smsfmagazine.com.au