Superannuation revelation sparks retirement warning for millions: 'Huge difference'
A startling number of Australians have no clue how much superannuation they have in their accounts. New research from Commonwealth Bank (CBA) shows one-third of Aussie workers are in the dark about their retirement nest eggs, despite it being the number one long-term savings goal for the majority.
You might have lost your login details or just never cared to check what your super balance is. But Association of Super Funds Australia (ASFA) chief policy and advocacy officer, James Koval, told Yahoo Finance that regularly checking in on that number can be advantageous in the long run.
"The benefits of doing this range from picking up if there are any errors in super payments, to checking you’re in the right investment option for your time of life, risk appetite and personal preferences," he said.
RELATED
-
More superannuation changes flagged as Baby Boomers get anxious
-
Aussie earning $300,000 a year in job after completing three day course
CBA's research discovered that on top of the 33 per cent who don't know what their super balance is at the moment, one in nine (11 per cent) have never checked it at all.
Close to one in three (31 per cent) have no clue how their super is invested; however, that jumped up significantly for women and Gen Z (both at 46 per cent).
The bank found 95 per cent of Aussies have established at least one financial goal they're working towards.
Saving for a holiday was the most popular at 42 per cent, but 29 per cent wanted to build their superannuation balance up so they could retire comfortably.
Do you have a story? Email stew.perrie@yahooinc.com
That just pipped paying off a mortgage at 28 per cent, working on an emergency fund (27 per cent), investing in the sharemarket (19 per cent), and paying off student loans (18 per cent).
CBA's personal finance expert Jessica Irvine said it was clear Aussies were keen to get ahead, but they need to get on top of the fundamentals first.
"Being financially confident doesn’t mean having it all figured out. It means being informed, asking questions, and taking small steps forward," she said.
No time like the present to check in on your super
Koval told Yahoo Finance that whatever the reason behind not checking your super, the best day to get started is today.
"Fortunately, it’s never been easier to engage with your super," he said. "Many funds have apps, and members can also see their super balance on MyGov.
"Just one minute checking your super can make a huge difference to your retirement."
