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More super, more happy
The level of satisfaction with superannuation as an investment vehicle is commensurate with account balances, according to the latest data released by Roy Morgan Research.
The research, released today, has once again confirmed that people with Self Managed Superannuation Funds (SMSFs) are the happiest with their fund performance but it also suggests that this because they have the highest account balances.
The Roy Morgan analysis points out that superannuation funds held by members "show a major skew in favour of the top end".
"This is an important point to be aware of when looking at satisfaction levels because success with the higher value members is critical to retaining funds and growth by reducing the chances of switching," it said.
"Although more than six out of ten (63.2 per cent) people with superannuation have balances of under $100,000, they only account for less than one fifth of the dollars (19.3 per cent) held in superannuation," the analysis said. "At the top end of the scale, where SMSFs are making major inroads, people with $700,000 or more in superannuation account for only 2.4 per cent of people with superannuation but have 15.2 per cent of total balances."
"The people who have $250,000 or more in superannuation account for just over half of all funds (51.2 per cent) but represent only 14.7 per cent of total customers. This shows the significance of making sure that these people should be targeted to achieve the highest levels of satisfaction."
The Roy Morgan analysis said that it was probably not surprising that satisfaction with superannuation increased with balance held but it was worth noting that for all balances over $5,000, SMSFs hade the highest satisfaction, followed by industry funds and retail funds.
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