Australians are more satisfied with industry superannuation funds than retail funds when it comes to performance, according to a new Roy Morgan survey.
The survey by Roy Morgan of 18,261 Australians aged 14 or older with a superannuation account found the average level of satisfaction among industry fund members grew by 1.5 per cent in the 12 months to April 2016.
Satisfaction with retail super funds on the other hand fell marginally, by 0.1 per cent, the survey found.
Satisfaction was highest among superannuation holders with balances above $700,000 dollars, with over 75 per cent reporting they were satisfied. Where their superannuation balance was less than $5,000, satisfaction was below 50 per cent of those surveyed.
Roy Morgan industry communications director Norman Morris noted that industry funds were “viewed much more favourably by their members than retail funds when it comes to their performance”.
Mr Morris noted that industry funds had higher satisfaction levels at all balance levels, peaking at 84 per cent of customers above $700,000.
“This segment is the primary group facing losses to self-managed superannuation funds, making it imperative that both industry and retail funds maintain a strong connection and performance with them if they are to avoid losses,” he said.
Industry funds have shown higher satisfaction levels every month since the survey started in 2002.