Super fund satisfaction improves to highest since May 2022 with Retail Fund satisfaction at a new all time high
New data from Roy Morgan’s Superannuation Satisfaction Report shows an overall super fund satisfaction with financial performance rating of 69.9% in May 2025 – an increase of 3.1% points from a year ago and up 4.9% points from the post-pandemic low reached in July 2023 (65.0%).
Despite hitting a low point in July 2023 superannuation satisfaction with financial performance has remained significantly higher than the long-term average of 59.0% post-pandemic and is now approaching the all-time high of 72.0% reached in January 2022.
Superannuation satisfaction ratings have consistently increased over the last two years since July 2023, and this should be no surprise with the strong performance of the ASX200 over the last two years. The ASX200 closed at a new record high of 8,592.1 in mid-June, an increase of 1,181.7 points (+15.9%) since closing at 7,410.4 on July 31, 2023.
The period covered by these ratings is from November 2024 – May 2025 which included two RBA interest rate cuts in February 2025 of +0.25% to 4.1%, and an additional interest rate cut of +0.25% to 3.85% in late May.
Satisfaction with financial performance of superannuation funds: 2007-2025
Source: Roy Morgan Single Source Australia, April 2007 – May 2025, n=17,218 for every six-month period. Base: Australians 14+ with work based or personal superannuation.
Customer satisfaction for Retail Funds hits a record high in mid-2025
There has been improvement across all four different categories of super funds over the last year with the largest increase for Retail Funds, with customer satisfaction up a stunning 6.4% points to 69.3%. This is a record high level of satisfaction with Retail Funds, although still the lowest of the four categories.
There has also been a significant increase in customer satisfaction for Industry Funds from a year ago, up 2% points to 69.5% - the highest level of satisfaction in Industry Funds since November 2022.
In addition, customer satisfaction with Public Sector Funds is up 0.8% points to 75%, its highest level for two years since June 2022, and there’s been an increase of 0.8% points for Self-Managed Funds to 77.7% - the highest customer satisfaction of any of the four categories.
The report’s findings are from Roy Morgan Single Source, Australia’s most trusted consumer survey, compiled by in-depth interviews with over 60,000 Australians each year.
Satisfaction with financial performance of different type of super funds
Source: Roy Morgan Single Source Australia, Dec. 2023 - May 2024, n=22,492, Dec. 2024 – May 2025, n=23,511. Base: Australians 14+ with work based or personal superannuation.
Roy Morgan CEO Michele Levine says customer satisfaction with superannuation funds (69.9%) has continued to improve in recent months as the ASX200 stock index has increased to new record highs after reaching a post-pandemic low of 65% two years ago in July 2023:
“Roy Morgan’s superannuation customer satisfaction ratings for the six months to May 2025 show overall industry satisfaction at 69.9%, an increase of 4.9% points since the post-pandemic low of 65% reached in July 2023.
“Overall customer satisfaction has increased consistently over the last two years and is up 3.1% points from a year ago and is now over 10% points above the long-term average over the last 18 years of 59%.
“The increase in customer satisfaction over the last two years has been powered by a record-setting ASX200. The stock index closed at a record high of 8,592.1 in mid-June, a significant increase of 1,181.7 points (+15.9%) since closing at 7,410.4 on July 31, 2023.
“The improvement in customer satisfaction over the last year has been driven by the increases for Retail Funds, up 6.4% points to 69.3% – a new record high customer satisfaction for this category, and Industry Super Funds, up 2% points to 69.5%.
“One factor likely to be driving the rapidly increasing satisfaction for Retail Funds over the last year compared to Industry Super Funds is the higher investment exposure that Retail Funds tend to have to equities. The strong share-market returns over the last year will be having a bigger impact on the bottom line for Retail Funds than Industry Funds.
“Several retail funds have performed exceptionally well over the last year including Macquarie (an impressive increase in customer satisfaction of 6.6% points since May 2024) and now the highest customer satisfaction of any Retail Fund, Colonial First State (+6.8% points), AMP (+9.7% points), Insignia (+28.4% points), Brighter Super (+9.2% points), OnePath (+6.9% points) and BT (+4.1% points).
“In addition, industry funds to stand out with large increases over the last year are led by HESTA (an impressive increase in customer satisfaction of 8.5% points since May 2025), Aware (+4.8% points), Cbus (+3.8% points), REST Super (+2.7% points), AustralianSuper (+1.3% points) and UniSuper (+1.1% points).
“UniSuper continues to be the superannuation fund with the highest customer satisfaction of any Industry Fund ahead of the fast-rising HESTA in second place and Aware and AustralianSuper filling out the top four spots. All four of these funds have customer satisfaction above 70%.
“In recent years, many superannuation funds have merged or announced their intention to merge. Roy Morgan has extensive data on how these mergers and acquisitions affect the customer satisfaction of the super funds involved. A key message raised by customers is the importance of communication and a smooth transition process for the members throughout.
“Going forward and due to legislative changes the superannuation industry is continuing to consolidate with larger players taking steps to increase their size and clout and the amount of assets they have under management.
“In an increasingly competitive industry, it is more important than ever before for larger and more complex superannuation funds to maintain a high levels of customer satisfaction and market-leading investment returns.”
Source: Roy Morgan Single Source Australia, April 2007 – May 2025, n=17,218 for every six-month period.
For comments or more information about Roy Morgan’s superannuation data please contact:
Roy Morgan Enquiries
Office: +61 (3) 9224 5309
askroymorgan@roymorgan.com
Related research findings
For further in-depth analysis, view the Superannuation Satisfaction Report.
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About Roy Morgan
Roy Morgan is Australia’s largest independent Australian research company, with offices in each state, as well as in the U.S. and U.K. A full-service research organisation, Roy Morgan has over 80 years’ experience collecting objective, independent information on consumers.
Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
