According to the research report, Industry Funds have been the standout over the last year and were the only sector to increase customer satisfaction, up by 0.2 of a percentage point to 63 per cent. Satisfaction with Public Sector Funds fell marginally, by 0.4 of a percentage point to 71.4 per cent but still retains the highest rating of any sector.

Customer satisfaction with Retail Funds declined by 2.5 percentage points to 54.9 per cent.

The biggest decline, however, was felt by SMSFs, with satisfaction levels dropping by 10.4 percentage points to 67.1 per cent.

“One year ago, people invested in SMSFs were the most satisfied, but now satisfaction with these funds is at its lowest for eight years since September 2012,” the report stated.

Roy Morgan chief executive Michele Levine said volatile sharemarkets during 2020 as well as the withdrawal of around $33 billion so far have placed immense pressure on Australia’s superannuation funds.

“The customer satisfaction with financial performance ratings of Australia’s super funds is reliant on the performance of the Australian sharemarkets, which dropped significantly in March but have since been stable for nearly four months,” Ms Levine said.

“The ASX 200 Index bottomed at 4,564 points on 24th of March, but by the end of May, it had rebounded by nearly 30 per cent to end the month of May at 5,851 and closed last week at 5,864.”

Ms Levine said the declining number of cases of COVID-19 in Victoria since peaking in early August is a big positive for the broader economic picture and suggests Australia can continue on the road to recovery in the months ahead, as the country emerges from the lockdowns and border closures that have stifled the economy.