Self-managed fund managed the highest level of customer satisfaction, (75 per cent) up 0.3 per cent from February, while public sector funds increased by 0.3 per cent to 74.5 per cent.
In contrast, industry fund satisfaction fell by 1.1 per cent in a month to 64.4 per cent, while retail funds were down 0.2 per cent to 60 per cent.
Roy Morgan chief executive Michele Levine said that although longer term trends show increased customer satisfaction levels, shorter term it is a very different picture.
“The average satisfaction rating across all superannuation funds is 64.2 per cent in March, a 3.4 per cent increase from a year ago,” Ms Levine said.
“However, this annual comparison misses a fall of 0.6 per cent in the month of March after the ASX 200 market peaked in late February.
“Driving this fall has been a monthly decline of 1.1 per cent for industry funds in March.”
She noted the early super withdrawal option over the next six months will add to further challenges for the retail and industry funds.
“Industry funds based on employees in hospitality and retail industries are particularly exposed to this policy as many of their workers have been stood down in recent weeks as Australia fights the COVID-19 coronavirus pandemic,” Ms Levine said.
“A majority of industry funds had declining month-on-month satisfaction in March and the challenge for all superannuation funds going forward will be finding ways to maintain customer satisfaction amid trying market conditions, reduced returns and ongoing uncertainty.”
SO SELF MANAGED super has customer satisfaction rates of 75%… If people have a lower satisfaction of THEMSELVES managing their own super, what does this suggest when they need to respond to surveys on other people/ groups/ trustees managing their super? One would’ve thought it would be 100% satisfaction rate given they’re managing their own funds… possibly this suggests those that are not satisfied is not due to returns, but the lack of education and value provided by accountants on commencing these arrangements
LOL. This made my morning! I wonder who else will get it.
Recent research suggests that people are mostly, but not completely, impressed with themselves at the rate of about 3 out of every 4 when acting as a Trustee of their own fund.