SMSFs remain in the lead, recording a satisfaction level of 77.9 per cent, an increase of six percentage points from 71.9 per cent in July 2013.
This was followed by industry super funds with a satisfaction level of 56.2 per cent, up 5.9 percentage points from 12 months ago.
Retail funds managed to edge closer to industry funds, with satisfaction levels increasing by 8.6 percentage points; however, retail funds still remain behind with a rating of 54 per cent.
Retail funds also ranked highest in terms of dissatisfaction with the financial performance of super products.
Out of the major retail brands, BT saw the largest increase in satisfaction with financial performance, with the firm's rating increasing 10.3 percentage points to 58.7 per cent.
Statewide Super saw the biggest improvement among the industry funds, with satisfaction rising 13.4 percentage points to 45.8 per cent in the 12 months to July 2014.
ESSSuper, however, received the highest rating, with satisfaction at 76.5 per cent.
Roy Morgan Research industry communications director Norman Morris said that with growing competition between industry and retail funds and rapid expansion of the SMSF sector, satisfaction with financial performance is “increasingly a factor that fund managers should be taking notice of”.
“Our research shows that there is a strong correlation between satisfaction with superannuation financial performance and the likelihood of switching funds,” said Mr Morris.
