Personal finance specialist at Finder, Sarah Megginson, emphasized the necessity for Australians to become more invested in their retirement savings. "Engagement with your retirement fund can significantly boost your final savings," she noted. "Opting for a high-performing super fund over a low-performing one can be a game-changer for your retirement."
Interestingly, the survey highlighted a gender disparity: men were three times more likely than women (15% vs. 5%) to have monitored their super fund's performance in the last year. This gap is further widened by systemic challenges that women face, including career breaks, lack of superannuation payments during parental leave (though upcoming legislative changes aim to tackle this), and generally lower earnings compared to men.
"Your superannuation is a critical asset, so it is crucial to take the time to understand it," Megginson pointed out. "For many, it's the largest and most consistent investment they own, yet few people are aware of their balance or fees." Megginson warned that members should keep a vigilant eye on unpaid contributions and high fees, as these factors can substantially impact their final retirement pot due to compounding effects over time.
The issue of forgotten superannuation was underscored last week by the Australian Taxation Office (ATO), which announced that there is a staggering $17.8 billion in lost and unclaimed super across 7.1 million accounts.
Source: Findings were originally reported by Finder in a survey.
