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SMSF providing greatest super satisfaction
Australians with a Self-Managed Superannuation Fund (SMSF) are the most satisfied when it comes to the financial performance of their fund, research reveals.
Investors have shown an increase in their levels of satisfaction with the performance of superannuation funds of all types, the July 2014 Roy Morgan Research ‘Superannuation Satisfaction' report found.
However, SMSFs were the "clear leader", with a satisfaction rating of 77.9 per cent, compared with the 55.7 per cent score for all funds, which reflected a rise of 6.9 per cent since July 2013.
Roy Morgan industry communications director, Norman Morris, said the report showed that the gap in consumer satisfaction between industry (56.2 per cent) and retail (54 per cent) funds had narrowed to 2.2 per cent, with investors reporting increased satisfaction with both over the last 12 months.
"With growing competition between the industry and retail funds for market share and the rapid expansion of the SMSF sector, satisfaction with financial performance is increasingly a factor that fund managers should be taking notice of," he said.
"Our research shows that there is a strong correlation between satisfaction with superannuation financial performance and the likelihood of switching funds."
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
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