Australians left in the dark about their superannuation balances

MANY Australians don’t know how much money they have in superannuation and admit they are clueless about how retirement savings works.

EXCLUSIVE

Many Australians admit they are confused about their retirement savings and many have no idea how much money they have in superannuation.

Alarming new research conducted on behalf of ANZ has revealed 41 per cent of the population do not feel well informed about their retirement savings and many are unsure on how much money they should have tucked away.

The findings revealed 15 per cent of people do not know their superannuation balance.

About 28 per cent of Australians do not know their superannuation balance.

Figures by the Association of Superannuation Funds of Australia shows singletons need $545,000 at retirement to live a comfortable lifestyle, while couples need $640,000.

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This is on the presumption the person owns their home outright and is relatively healthy.

However, the ANZ research found 38 per cent of believe think a balance of $300,000 or less will be enough once they stop work.

Many Australians remain misinformed on how much superannuation they need once they stop work.

ANZ Wealth’s head of superannuation Mark Pankhurst said it was a worry so many people were disconnected with their superannuation.

“People are confused about super and they think it’s complicated,’’ he said.

“We need to simplify it and make it much easier for people to check their balance, they should get in touch with their super fund.”

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ASFA’s chief executive officer Dr Martin Fahy said Australians should be checking their super balances at least quarterly and contacting their funds if they are confused or have questions.

ASFA chief executive Dr Martin Fahy said Australians should check their super balances quarterly.

“The average super balance for women when they retire is around $150,000 less than the average for men,’’ he said.

“Average super balances at retirement today are $138,150 for women compared to $292,500 for men.”

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TOP FIVE TIPS TO STAY ON TOP OF SUPER

1. Contact your main super fund and check your details.

2. Ask to consolidate any lost or missing super.

3. Check your insurance and investments within your fund.

4. Know the fees and charges you are paying.

5. Check your super balance quarterly.

Originally published as Australians left in the dark about their superannuation balances