Ignorance is bliss for Australians and their superannuation: Finder

A new survey conducted by Finder has found Australians may be concerningly unaware of the performance of their superannuation.

Of the 1,041 survey respondents, only 10 per cent were aware of how their super fund performed in the last 12 months, while 49 per cent ‘had no idea’ and 41 per cent ‘had a rough idea’.

Sarah Megginson, personal finance expert at Finder, 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.

“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 per cent) were three times more likely than women (five per cent) 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.