Consumer satisfaction with superannuation fund
In the six months to January 2015 SMSFs had a satisfaction rating of 77.3%, followed by industry super funds at 59.0% and retail super funds at 56.3%.
Australians have been more satisfied with the financial performance of industry superannuation funds compared to retail super funds for over a decade, according to new research by Roy Morgan.
Industry super funds recorded 59.2% satisfaction in December 2014, compared to 56.5% for retail super funds.
Industry super funds have maintained this lead in terms of satisfaction over retail super funds for at least a decade, with a lead of 2.7% in December 2014, compared to 3.0% in 2002.
The 2014/15 Superannuation Benchmarking Study by Engaged Marketing measured the ‘Net Promoter Score’ of large super fund brands and SMSFs. It found large super funds scored an average of -29%. This means that these funds, on average, had 29% more “detractors than promoters.” This compares to -5% for SMSFs. The worst performing fund scored -53%.
Engaged Marketing Managing Director Christopher Roberts said these results are a “wake-up call to super funds about the growing appeal of SMSFs.”