Around 6.2 million Aussies admit they have no idea how well their superannuation fund is performing, a new survey has revealed.
Up to 29 per cent of Aussies said they didn’t actively monitor their super fund, according to a study of over 1000 people by Finder.
A further 16 per cent said they did, but were unhappy with how it was performing.
A complacent attitude could cost Aussies dearly in retirement, experts warn. (Getty Images/iStockphoto)
Experts are now warning this complacent attitude could cost Aussies thousands when it comes time to retire.
“The difference between an average fund and a top-performing fund can be the difference between just scraping by in retirement and living comfortably,” Alison Banney from Finder said.
“This ignorance could cost you tens of thousands of dollars come retirement due to reduced returns.
“If you’re not monitoring your super’s performance, you could be leaving the equivalent of an entire year’s salary or more on the table by the time you retire.”
Banney said the fact money is paid directly into the super fund by employers can lead to workers forgetting about their super, especially as other financial pressures seem more pressing.
“Many give this money very little attention,” she said.
“It’s often a case of ‘out of sight, out of mind.'”
Banney also said consistently monitoring their super fund is important, as different funds will suit different stages of your life, and also pointed out 55 per cent of Aussies were satisfied with how their super fund was tracking.