Superannuation statistics 2024

There are 24.6 million superannuation accounts in Australia from a total of 112 fund providers (excluding funds with less than seven members), with assets equalling $4.1 trillion. The top asset allocations across all funds are international shares (30%), Australian shares (24%) and fixed income (19%).

We used data from Finder's Consumer Sentiment Tracker, the The Association of Superannuation Funds of Australia (ASFA), APRA and the ATO to explore the state of superannuation in Australia and how Australians interact with their funds.

How much money is in superannuation?

According to the ASFA, as of December 2024 the superannuation industry holds $4.1 trillion in assets, with the majority ($3.0 trillion) held in funds with more than 6 members. Nearly a third of super assets are held by industry funds ($1.4 trillion), with self-managed super funds (SMSF) taking second place ($1.0 trillion).

SMSFs have grown rapidly in the last year, adding over 21,000 funds and rising in assets $122 billion in the last year alone ($878 billion and 611,670 funds in September 2023).

What assets are super funds investing in?

Total investments by Australian super funds totalled $2.7 trillion as of December 2024.

International shares (30%) and Australians shares (24%) are the top asset allocations, followed by fixed income (19%), and infrastructure (8%).

How many Australians have superannuation?

According to Finder's Consumer Sentiment Tracker, 77% of Australians have a superannuation fund and a further 5% plan on opening a super account in future. Australians are more likely to have a savings account (88%), a mobile phone plan (91%) and car insurance (79%) than a super fund. This is particularly concerning for those approaching the end of their careers, with 45% of baby boomers having no super fund account.

Those living in metropolitan areas (79%) are more likely than their regional counterparts (73%) to have a super fund, and higher income earners are substantially more likely to have a super fund. Only half (54%) of Australian adults with a household income of less than $50,000 per year have a super account, compared to 88% for those earning above $100,000.

How does superannuation compare between men and women?

According to the ATO, as of the 2021 financial year, the average super fund balance for women between the ages of 65-69 was $403,038, and $453,075 for men. These figures indicate many Aussies are set to retire with substantially less than ASFA's comfortable retirement standard of $595,000.

Overall, 3 in 5 (61%) Australians say they are not sure if they will have enough super to get by in retirement, or feel they will definitely not have enough. This is up from 50% in 2023.

Gen X are the most anxious when it comes to their retirement needs, reporting they need on average $1.9 million to feel wealthy. On the other hand, baby boomers feel they only need $987,000 to feel wealthy.

How many people make additional super contributions?

According to APRA, in the 2023 financial year, member contributions to superannuation made up 30% of total contributions, and employer contributions made up the remaining 70%.

A Finder survey in November 2023 found 8% of superannuation holders make monthly contributions to their superannuation fund, and an additional 12% have made one-off contributions. Another 17% say they are planning to make additional contributions to their fund at some point in the future.

Compare superannuation funds

Sticking with an underperforming or high-fee super fund could be draining money from your retirement fund. To set yourself up to live comfortably in retirement, compare super funds with Finder.

Written by

Sophie Wallis

Analyst

Sophie Wallis is a senior insights analyst with a passion for data storytelling. She spends her time turning complex data into digestible stories and uncovering new consumer trends. When she isn't working, you'll find her planning her next overseas holiday or bingeing on a big novel. Sophie has a Bachelor of Economics from the University of Melbourne. See full bio

Co-written by

Taylor Blackburn

Money expert

Taylor Blackburn is a multi-award winning communications specialist, focused on personal finance and insurance. Taylor regularly appears in national media including Sunrise, Today, Studio 10, ACA, SBS, ABC, Seven, Nine and Ten News as a spokesperson for Finder. See full bio

Taylor's expertise

Taylor has written 252 Finder guides across topics including:

• Savings accounts
• Credit cards
• Insurance comparison
• Budgeting