Satisfaction with industry funds increased by 6.4 per cent to 55.8 per cent, while for SMSFs, satisfaction was up 3.2 per cent to 75.6 per cent.

Roy Morgan industry communications director Norman Morris said that with the expansion of the SMSF sector, satisfaction with financial performance is “increasingly a factor” that fund managers should be taking notice of.

“It appears that satisfaction with superannuation has a lot to do with the amount of super and the consequential level of engagement,” he said.

Mr Morris added it is worth noting that even when the larger balances held in self-managed funds are allowed for, satisfaction levels remain higher than with other funds.

“The majority of self-managed funds have balances over $250,000 and when satisfaction is compared to industry and retail fund members with balances over this amount, they are still well ahead,” he said.

“The ease of switching super funds and the increase in people using SMSFs mean that the retail sector will increasingly rely on their adviser network and advice to retain customers,” said Mr Morris.

“Our research shows that there is a strong correlation between satisfaction with superannuation financial performance and the likelihood of switching funds.”