Super fund satisfaction down but strong overall

Roy Morgan' s Super Satisfaction Report found super fund satisfaction dropped 5.4 percentage points to 66.6 per cent in February, from a record high of 72 per cent in in January 2022.

However, it is still higher than the long-term average from 2007-2023 of 57.9 per cent.

"The drop in customer satisfaction from a year ago has occurred as the ASX 200 experienced a period of volatility since mid-2021," Roy Morgan chief executive officer Michele Levine said.

"The ASX200 reached a high of 7,628.9 on August 13, 2021 and fell by almost 1,200 points when the index closed at 6,433.4 on June 20, 2022. Since the middle of last year, the ASX200 has significantly recovered and closed at 7,258.4 at the end of February,"

Roy Morgan reported declines across all categories with retail funds down 5.6 per cent points to 61.3 per cent, while industry funds dropped 6.3 per cent points to 67.9 per cent.

"Although both have experienced a drop in satisfaction compared to early last year Self-managed funds on 74.7 per cent (down 5.3 per cent points) and public sector funds on 73.4 per cent (down 5.7 per cent points) remain the two sectors with clearly the highest satisfaction - well above the overall average," Levine said.

Amongst Industry funds, Unisuper, and HESTA had the highest customer satisfaction in February 2023. Macquarie had the highest satisfaction amongst retail funds.