Roy Morgan research shows SMSF members engaged with their super

The SMSF Professionals’ Association of Australia (SPAA) welcomes the findings of the Roy Morgan Research ‘Superannuation Satisfaction’ report that found there is a higher level of satisfaction by SMSF members with their superannuation compared with the industry and retail funds.

The research, for the six months to 31 December 2014 and based on more than 30,000 interviews, said the satisfaction rating of SMSF members was 71.9%, followed by industry funds (53.5%) and retail funds (51.2%).

SPAA CEO Andrea Slattery said the report’s findings simply reflected the high level satisfaction that SMSF members achieved because they controlled their retirement savings.

“SMSF members are very engaged with their superannuation and take responsibility for the investments and strategies of their funds, which results in increased satisfaction when their funds perform well.

“The increased control and flexibility of SMSFs allow trustees to tailor their fund’s investments and costs to suit their own circumstances, another factor we believe results in the high satisfaction levels of SMSF members with their funds.

“We also believe that SMSF members have higher satisfaction where they seek professional advice in meeting their obligations and forming their investment strategies, as this helps them achieve their retirement savings goals by utilising the expertise of specialised SMSF advisors, such as SPAA Specialist Advisors and Auditors,” she said.