One of the nation’s largest superannuation funds, Australian Retirement Trust (ART), has released research looking at how Australians are interacting with their super and planning for retirement.
The key findings from the Australian Retirement Trust’s research include:
- 67% don’t feel their super is in a good position for their age.
- Only 37% know how to manage their super investment options.
- 37% are planning to retire in the next 20 years.
- Nearly a quarter (22%) of Australians haven’t checked their super account in the last 12 months.
- 31% have received financial advice in the last year.
ART’s Executive General Manager of Advice, Guidance, and Education, Anne Fuchs said the research shows millions of Australians aren’t engaging with their super, and many more feel their balance isn’t in a good position for their age.
“At Australian Retirement Trust, we believe super is powerful, so powerful you could think of it as a monster and awakening it means taking control of one of the biggest investments most Australians will ever have in their life,” Ms Fuchs said.
“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.
“For me, the standout findings in this Australian Retirement Trust research are almost a quarter (22%) haven’t checked their super account in the last year, two thirds don’t feel it’s in a good position for their age, and about two thirds don’t know how to manage their investment options within super.
“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.
“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?
“Making investment decisions can seem overwhelming, but it’s an easy thing to do. At Australian Retirement Trust, you can actually do it in our app on your phone, but we strongly recommend getting advice before making changes, which you can access as part of your membership if you are with Australian Retirement Trust.
“The easiest way to do all of these things is to actually have your super app on your phone. Most people log into their banking app daily, but don’t even have their super app.
“Chances are your super balance is higher than your bank balance, which is why you should be engaged with it, so download the app, and keep an eye on it.”
Ms Fuchs said ART will be getting this message across to millions of Australians as it launches a new campaign this week.
“The campaign's positioning is ‘awaken your super’ and features a monster as a metaphorical embodiment of an individual’s super, demonstrating the power people can have in directing their financial future by “getting on top” of it and continually nurturing it,” she said.
“We think it’s a bold statement, but it needs to be, because too many Australians have their head in the sand when it comes to super and it’s something we want to change.
“I know looking at your super and thinking about retirement can feel a bit overwhelming, but at Australian Retirement Trust we offer lots of tips and information for our members which can help them on their journey to retirement.
“As part of this campaign we’ve launched an education hub, and are encouraging all Australians to jump on and have a look at our top tips to awaken their super.”
*Research findings are drawn from a survey of 1,000 Australians, carried out by Ipsos on behalf of Australian Retirement Trust from September-November 2023.