Research commissioned by one of Australia’s largest superannuation funds, Australian Retirement Trust (ART), found 22 per cent of West Australians are likely to have multiple super accounts. This compares to 15 per cent in New South Wales, 12 per cent in Victoria and 16 per cent in Queensland.
ART’s Acting Chief of Retirement, Anne Fuchs, said the survey of more than 2,000 Australians*, run by YouGov, also found that 68 per cent of West Australians have not made an active choice with their superannuation.
“This survey highlights that West Australians are on average less engaged with their super fund than other states,” Ms Fuchs said.
“Investing time into your super is investing in your future – so the sooner you engage, the better.
“Having multiple super accounts means you may be paying multiple sets of administration fees, investment fees and insurance premiums.
“It is important that you consider the benefits available to you in your super funds and consider which ones are right for you. Bringing your accounts together and making an active choice on your investment and insurance arrangements could save you money and simplify your super, making a huge difference at retirement.
“There are plenty of easy ways to consolidate your super online, including via the MyGov website, or through most super funds – it literally takes a couple of minutes.
“While you’re looking, take the opportunity to consider other benefits or services you may be able to access through your fund – for example, do they offer access to financial advice or support? At Australian Retirement Trust, advice about your super is included as part of your membership at no additional cost.”
*The findings above are drawn from Australian Retirement Trust’s YouGov survey of 2,113 Australians aged over 18 years who have super and are not retired, conducted online between 28 September and 6 October 2022. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.