Survey calls for closer superannuation monitoring

Fresh research from popular online comparison site, Finder, has renewed calls for Australians to more closely monitor the performance of their superannuation fund after a survey returned some concerning results.

Of the 1,034 respondents, 29 per cent were unsure of how their superannuation fund had performed over the last 12 months, while 16 per cent were unhappy with the performance.

The results come as more research on pre- and current retirees reveal heightened concerns over having enough savings to fund retirement, as both measures of the ASFA Retirement Standard (modest and comfortable) also continue to rise.

“Because the super guarantee is paid directly to your super fund by your employer, many give this money very little attention. It’s often a case of ‘out of sight, out of mind’,” Finder’s superannuation expert, Alison Banney, said.

“This ignorance could cost you tens of thousands of dollars come retirement due to reduced returns.

“If you’re not monitoring your super’s performance, you could be leaving the equivalent of an entire year’s salary – or more – on the table by the time you retire.”

The survey results also indicated that 55 per cent were happy with the performance of their super fund over the last 12 months.

“The difference between an average fund and a top-performing fund can be the difference between just scraping by in retirement and living comfortably,” Banney said.

“You want to be checking how your super fund is tracking at least annually compared to the rest of the market and whether you are still in the right type of fund for your stage of life.”