Super satisfaction down, but still higher than average
/Roy Morgan's Super Satisfaction Report found fund satisfaction decreased by 5.4 percentage points to 66.6 per cent in February, down from a record high of 72 per cent in January 2022.
Key findings include:
Fund satisfaction dropped 5.4 percentage points to 66.6 per cent in February 2023 from a record high of 72 per cent in January 2022.
Despite the drop, the current satisfaction level is still higher than the long-term average from 2007-2023 of 57.9 per cent.
The drop in satisfaction is attributed to the period of volatility experienced by the ASX 200 since mid-2021.
Retail funds' satisfaction dropped 5.6 percentage points to 61.3 per cent, while industry funds dropped 6.3 percentage points to 67.9 per cent.
Self-managed funds (74.7 per cent, down 5.3 percentage points) and public sector funds (73.4 per cent, down 5.7 percentage points) have the highest satisfaction levels among all sectors, remaining well above the overall average.
Among industry funds, Unisuper and HESTA had the highest customer satisfaction in February 2023, while Macquarie had the highest satisfaction among retail funds.
The report recommends that superannuation funds should work to address the concerns of their members and provide them with greater peace of mind by offering reliable, consistent returns. Given current market conditions, funds should communicate effectively with their members to keep them informed about any changes in performance and any actions taken to manage risks.
