SMSFs still on top for member satisfaction

 

SMSF members continue to report very high levels of satisfaction with the performance of their fund, according to rolling research.

 

       

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

 

More Articles

Tax time: calculating investment income and deductions

  Here's a check list of what you will need to include in your 2020-21 income tax...

Read full article

Five investing tips for beginners

  Here are five investing tips for those who are just beginning their investment journey.     ...

Read full article

ATO extends Division 7A relief

  The ATO made an extension relief for affected taxpayers and related SMSFs who are unable to meet the...

Read full article

Trust deed must include certain items

  An SMSF trust deed must have a series of non-negotiable items in it, such as rules allowing the use of...

Read full article

Drawdown relief for all pensions

  The reduced minimum pension relief that will now apply for the 2022 financial year is not restricted to...

Read full article

Downsizer and bring forward combination creates new opportunities for super strategy

  With the recent bring-forward measures passed along with further extension proposed in the federal...

Read full article

Tax Time Checklists – Super Funds; Individuals; and Company, Trust, Partnership

  Working from home because of COVID-19 means most will have more deductions than in a normal year....

Read full article

What’s your risk profile?

  Your attitude to risk is one of the most important factors to consider when it comes to...

Read full article

Prudentia Financial Planning Pty Ltd is a Corporate Authorised Representative (No. 400165) of KAM Financial Pty Ltd AFSL 516133

Financial Advice Sydney and the North Shore Office based in Gordon NSW

— Disclaimer & Privacy Policy

^