A new survey has found Australians may be concerningly unaware of the performance of their superannuation. Of the 1,041 survey respondents, only 10 percent knew how their super fund performed in the last 12 months, while 49 percent “had no idea” and 41 percent “had a rough idea”. Sarah Megginson, a personal finance expert, recommended Australians take “a stronger interest” in their retirement savings.
“The more engaged you are with your retirement savings, the better results you will generally achieve,” she said.
Australians’ awareness of super performance
“Choosing a high-performing super fund over a low-performing fund can make a huge difference to your retirement savings.”
According to the research, men (15 percent) were three times more likely than women (five percent) to monitor the performance of their super fund in the last 12 months.
This trend is also exacerbated by the gendered challenges faced by women when it comes to superannuation, such as career breaks, super not being paid on parental leave (which is now undergoing legislative changes), and earning less than men on average. “Your superannuation is a valuable asset, so it’s worth investing the time to understand it,” Megginson said. “For many people, it’s their largest investment and one they contribute to most consistently, yet many don’t even know their balance.
Members should be monitoring closely for any unpaid super and high fees that might diminish their returns as this compounds by the time they retire.”
Last week, the Australian Taxation Office (ATO) revealed there is $17.8 billion in lost and unclaimed superannuation in 7.1 million accounts.
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
