Customer satisfaction with superannuation funds in Australia 2022, by type

A survey in 2022 revealed that nearly 75 percent of respondents in Australia were satisfied with the financial performance of self-managed superannuation funds. The financial performance of retail superannuation funds recorded the lowest rate of customer satisfaction, with a share of 61 percent of respondents. Compared with 2021, satisfaction had dropped across all fund types in Australia.

Overview of superannuation funds

In Australia, superannuation is a pension program designed to benefit people after the end of their working life. There are five main types of super funds: retail, industry, public, corporate, and self-managed super funds. The value of superannuation funds under management in Australia has increased considerably since 2016. It stood at 1.57 trillion Australian dollars in the third quarter of 2021.

Introduction to ethical super funds

An ethical super fund focuses its investment on industries that are considered ethically responsible, for instance, healthcare, renewable energy, and recycling industries. A recent survey in 2021 disclosed that 43 percent of Australians were interested in investing their funds in ethical investments as Australians demonstrate their consideration for the environment and other social issues.