Millions ‘sleepwalking’ on super amid major reforms

Binaya Dahal

Journalist

2 July 2026

Millions of Australians remain disengaged with their superannuation funds, with new research showing only 22% reviewed its performance over the past year, despite sector-wide overhaul announced by the government. 

In a survey of 1,010 respondents conducted by Finder in May, around one in five said they have never analysed or compared their retirement savings account, while 16% reported not having done so for more than a year. A further 18% said they do not hold a superannuation account at all.

The findings come as a suite of changes began rolling out on Wednesday.

The reforms include Payday Super, which will force employers to pay super contributions at the same time as wages, an increase in concessional contribution caps to $32,500, and the extension of the superannuation guarantee to government-funded parental leave payments.

A separate measure, Division 296, will impose an additional tax on earnings for super balances above $3 million, targeting high-balance accounts.

Finder’s personal finance expert Sarah Megginson said the “sleepwalking” on superannuation risked leaving many Australians worse off in retirement.

“Super is not a ‘set-and-forget’ investment – the more engaged you are, the better your retirement outcome is likely to be,” she said.

“At a minimum, Australians should be comparing their fund’s performance every year, checking their fees, and making sure their investment option still suits their age and risk appetite.”

She added that achieving a comfortable retirement does not come cheaply, with the Association of Superannuation Funds of Australia (ASFA) estimating singles need around $630,000 in super by age 67, and couples about $730,000.

“Choosing the wrong fund, or simply never checking whether you’re in the right one, could cost you hundreds of thousands of dollars by the time you retire,” Megginson said.

“Don’t wait until you’re close to retirement to start paying attention. By then, it’s much harder to make up lost ground.”