Super on Aussies’ minds now more than ever

Yasmine Raso

Senior Journalist, Financial Newswire

9 August 2023

The number of Australians looking to be more informed about superannuation has grown exponentially and almost doubled in the last four years, according to data analysed by Australian Retirement Trust (ART).

The data showed people have searched on Google for ‘superannuation Australia’ nearly twice as much this year so far compared to the same period in 2019, suggesting interest in and desire to remain informed on superannuation has risen.

ART’s analysis said ‘super Australia’ was the most common search in 2019 and remained so in 2023; it saw an average of 234,000 searches per month in the last half of 2019 and 334,000 searches per month in the first six months of 2023.

The search for ‘superannuation’ rose from 42,000 per month in 2019 to 60,000 per month in 2023, and searches for the terms ‘superannuation Australia’ have more than doubled from 23,000 per month in 2019 to 48,000 per month in 2023.

ART’s Acting Chief of Retirement, Anne Fuchs, said even searches for ‘what is superannuation’ have climbed from 2,966 per month in 2019 to 4,466 per month in 2023, which shows Australians want to know more about super and are also looking for the right information that suits their needs.

“The reality is many Australians don’t know a lot about superannuation, which is concerning given it is likely their biggest, or second biggest financial asset,” she said.

“This Google search data clearly shows people want to be more informed about super, but Google may not be your best option when you can access so much free information and education directly through your super fund.

“At Australian Retirement Trust, financial advice about your super is included as part of your membership so there’s no additional cost, and that would be my biggest message to people is to seek out advice.

“It’s important to remember that super is a long-term investment, so you should make sure you are getting the right advice for the long-term.”

Fuchs said it was important for Australians to get the right advice so as not to adversely impact their retirement savings.

“Your superannuation account is likely your single biggest asset outside of the family home, so making informed decisions is crucial for your retirement,” she said.

“People in their 20s and 30s might be thinking, ‘I’m not retiring for 40 years so it doesn’t matter’, but they need to know that the decisions they make now will greatly impact their retirement.”