Satisfaction with major super funds dwindles

New research has shown a high level of satisfaction with SMSFs among women, while a number of major funds are not meeting the expectations of their female members.

Research conducted by Roy Morgan Australia, released yesterday, shows women’s satisfaction with the financial performance of their SMSF sat at 79.2 per cent.

QSuper recorded the next most favourable score, achieving a satisfaction rating of 74.2 per cent.

According to the research, HESTA, First State Super, Colonial First State and Australian Super all came in at under 65 per cent.

Women’s satisfaction with the financial performance of SunSuper, Hostplus and AMP sat at the lower end of the scale, at 54.2 per cent, 52.8 per cent and 51.8 per cent respectively.

On average, the level of super fund satisfaction among women was 57.9 per cent.

More broadly, the research showed that in the 12 months to October 2015, women with superannuation had an average balance of $129,800, compared with an average of $194,700 for men.

The growth rate for the average balances over this period was 30.6 per cent for women and 18.0 per cent for men.

“Although superannuation balances are generally quoted in terms of averages or means, it is worth noting that over 70 per cent of both men and women fall below the average,” the research also stated.

“The reason for this is the distortion created by a relatively small number of very high balances which skew the result.

“The current median value of superannuation held by women is $52,200, which means that half have balances below this and half above. This is well below the average or mean balance for women ($129,800). The median value of superannuation held by men is now $78,800, compared to a mean of $194,700.

“Based on the median value held in superannuation, women have made progress towards closing the gap, rising from 52.8 per cent of the male median in 2011 to 66.2 per cent currently, but this is still a major disparity.”

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