New report reveals concerning reality about superannuation accounts
The gender gap in superannuation
Two-thirds of Australians don’t feel that their superannuation is in a good position for their age, new research has revealed.
Data from the Australian Retirement Trust (ART) found that only 37 per cent of Australians know how to manage their super investment options, despite the same amount planning to retire in the next 20 years.
The research also suggests exactly how much super you need to retire comfortably by age 67.
On average, people should have a benchmark of 59,000 by age 30, while that number grows to $156,000 by age 40.
ART’s executive general manager of advice Anne Fuchs said millions of people aren’t engaging with their super.
“The average balance of our more than 2.3 million members this month is $123,000. If they had $123,000 in cash on their dining room table, I think they would pay attention to it, and we want them to do the same with their super,” Fuchs said.
According to the ABS, women aged 25-34 have $34,500 in their super, compared to $42,100 for men.
The research also found that 22 per cent of people have not checked their super account in the last year, which was a standout figure for Fuchs.
“There are some easy fixes for this, the obvious ones being to actually check your account and have a rough idea of your balance – this will help you understand how you’re tracking,” she said.
“The next is to see where you should be at for your age. With two thirds of Australians not feeling good about this, my advice is, don’t put your head in the sand, have a look at it and see what you can do to improve, remember, it’s your money.
“If you aren’t feeling good about where your super is at, start looking at how your fund is performing, and what your investment mix looks like – is it the right risk level for your age and circumstances?”
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