Banking royal commission: Super inquiry should prompt Aussies to check fees, investment options

EVERY Australian with a superannuation account needs to take control of their retirement savings now. This is why you need to take action.

EVERY Australian with a superannuation account needs to sit up and listen.

The disgraceful actions of financial services providers at week one of the Royal Commission into superannuation has been more of the same of what we keep hearing.

Bad behaviour.

Fee rip offs.

Fee for no service.

The list goes on.

RETIREMENT: Australians get whacked by superannuation fees

ROYAL COMMISSION: Why super funds are the next target

Australians need to take control of their retirement savings now before its too late. Picture: iStock

This comes after the big banks already copped a hammering earlier this year for ripping off customers and failing to act in their best interests.

And among the worst offenders in the latest Royal Commission has been the National Australia Bank.

Many honest and loyal customers have been paying their way for services that has delivered them absolutely nothing.

Surely this is blatant thievery?

For months now we’ve heard how these financial fat cats have collected their enormous pay cheques while at the same time have been sitting back and happily ripping off innocent consumers.

But sadly for many consumers deciphering financial products it’s a minefield.

The superannuation industry is worth a whopping $2.6 trillion and chances are a neat little chunk of money within this is yours. Picture: Supplied

It’s tedious and boring for many of us and for some simply too hard to understand.

But if you’re a member of a superannuation fund or bank for that matter you really do need to take action and see exactly what you are paying for.

The superannuation industry is worth a whopping $2.6 trillion and chances are a neat little chunk of money within this is yours.

I’m not saying you should make any rash decisions and switch funds but instead look at how your money is being managed.

Get a copy of your latest superannuation statement — many of these will be arriving in the mail in the coming months — and read it.

This is the first place you can start.

And find out what fees and charges you are paying and what investment option you are in, whether it’s conservative, balanced or high growth fund.

This can make a huge difference at the end when you hang up your work books for good and kickstart your retirement.

Get a copy of your latest superannuation statement, find our what fees and charges you are paying, and what investment option you’re in. Picture: Supplied

The understanding of superannuation in this country is not good enough, many people tune out when they hear the word super because retirement seems such a long way off.

But that does not give you good reason to fall asleep at the wheel.

You must take control of your finances because if you don’t no-one else will.

For too long we’ve left the handling of our financial affairs in the hands of others and this has been proven to be detrimental for many.

I like to explain it this way.

If a few hundred dollars slipped out of your wallet or got stolen from your bank account there’s a good chance you’d be annoyed and if you could you would try and get it back.

So how’s this any different to throwing money down the drain on unnecessary fees and charges for financial products that you can probably get a better deal on.

Do yourself a favour and find that latest superannuation statement.

Go through it with a fine tooth comb and if you’re not sure what it is costing you then ring up your fund and demand answers.

It’s time you took control of your money instead of relying on those we used to trust.

[e-mail]

@sophieelsworth