Not super smart: 10 million Aussies clueless about their fund’s performance
Millions of Australians are failing to monitor the performance of their superannuation, according to new research by Finder.
A Finder survey of 1,041 respondents revealed only 1 in 10 (10%) – equivalent to 2 million people – know how their super fund performed over the past 12 months.
Almost half (49%) of Australians – 10.2 million people – have no idea, while 41% have a rough idea.
Of those who are monitoring their super's status – the majority (84%) are pleased, while 16% aren't happy with the performance of their fund over the past year.
Sarah Megginson, personal finance expert at Finder, said Australians need to take a stronger interest in their super.
"The more engaged you are with your retirement savings, the better results you will generally achieve.
"Choosing a high-performing super fund over a low performing fund can make a huge difference to your retirement savings."
The research found that men (15%) were 3 times more likely than women (5%) to say they have monitored their super fund's performance in the past 12 months.
This comes as The Australian Tax Office (ATO) last week revealed there is $17.8 billion in lost and unclaimed superannuation in Australia in 7.1 million accounts.
Megginson said women often face unique challenges when it comes to retirement savings, such as career breaks for family-related reasons and lower average earnings.
"Your superannuation is a valuable asset, so it's worth investing the time to understand it."
To help Australians make better financial decisions when it comes to their super fund, Finder has announced the winners of its Superannuation Awards 2024.
Finder analysed fee and performance data across hundreds of super funds across the following categories: best low fee fund, best balanced fund, best conservative fund, best high growth fund and best shares single super fund.
Megginson said the award-winning super funds could be a good starting point for those aiming to improve their retirement savings.
"Aware Super is an excellent choice for those seeking strong fund performance with great customer satisfaction."
Aware Super was awarded Provider of the Year, Best Low Fee Super Fund, and Best Conservative Super Fund.
For those looking for a balanced option, Megginson said Uni Super is a strong contender.
"Uni Super was awarded top gong for Best Balanced Super Fund for its winning combination of strong performance over 1, 3 and 10 year periods plus low fees."
Uni Super also finished first in the Best High Growth Super Fund category for its strong performance, particularly in the past 12 months, and competitive fees.
For the Best Shares Super Fund category, Australian Retirement Trust took the top spot.
Check out the full list of winners from Finder's Superannuation Awards 2024.
Megginson said a super fund can ensure long-term financial security.
"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," Megginson said.
| Do you know the performance of your super fund over the last 12 months? | |
|---|---|
| No | 49% |
| No, but I have a rough idea | 41% |
| Yes | 10% |
| Source: Finder survey of 1,041 Australians August 2024 |
| Are you happy with the performance of your super fund over the last 12 months? | |
|---|---|
| No | 16% |
| Yes | 84% |
| Source: Finder survey of 534 Australians August 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,041 respondents and 534 Australians who know how their super has performed, or have a rough idea, from August 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.