I’m 23, had four superannuation accounts and was being robbed blind

It arrived in the post. A small, rectangular sign that I’d truly lost control.

Enclosed in the envelope was a polite, generic letter from a superannuation fund informing me of their updated terms and conditions. So how had I lost control? It was my fourth super account, and before that letter, I hadn’t even known the fund existed – much less that I was one of its members.

Facing up to consolidating your super accounts can seem daunting. It’s actually easy.Credit: Karl Hilzinger

During my brief career stints as a sports coach, a cleaner and a radio producer, I collected funds haphazardly, opening accounts with the click of a button. More often than not a new job meant a new super fund.

If this were Pokémon and the game was to catch them all, this wouldn’t be a problem. But when it comes to superannuation accounts, there can be too much of a good thing. With each fund comes a different set of fees, and smaller balances that, left unbundled, don’t get maximum potential returns.

According to tax office data from June, 17 per cent of Australians have two superannuation accounts (tsk tsk), while 4 per cent have three. I was, until very recently, in the 1 per cent who have four or more (not quite the 1 per centers club people dream about being a member of). The same data shows there’s about $17.8 billion in super waiting to be reunited with forgetful owners.

Surprisingly, one of the worst offending demographics when it comes to holding multiple accounts is the 50 to 60 age group. About 17 per cent of them still have more than one account – despite having had decades to sort it out.

I’d love to say the arrival of the letter from my surprise super account impelled me to finally take control of my finances and consolidate the accounts. But I had to be dragged kicking and screaming.

Aged 23, freshly graduated from university, and with retirement decades away, superannuation isn’t something I’ve spent much time thinking about. It hasn’t seemed that important and, to an extent, it still doesn’t.

I understand why it’s valuable, and that it will be essential to me retiring comfortably. But it’s hard to prioritise something and see that value when the promised pay-off is likely more than 40 years down the track.

It’s hard to care about super when there are more pressing issues like finding an affordable rental property, saving for a mortgage, or – to be honest– catching up with mates on the weekend to have a parma and pint.

This was, at least, my way of thinking. But after starting my job as an Age journalist and recently telling a couple of friends in the newsroom about my expansive super holdings, they gave me a dose of reality and peer-pressured me into consolidating my accounts. What a beautiful motivator shame can be.

In addition to the lack of urgency, I’d delayed consolidating my numerous accounts because I suspected it would be a painful and drawn out process that would mean spending hours listening to hold music while call-centre staff attempted to redirect my calls to the appropriate area, and filling out countless forms. Nearly all of my interactions with government services to date have incited moments of agonised hair-pulling while losing hours of my life for no clear rewards.

To my astonishment, though, consolidation was easy. All I had to do was sign into my MyGov account, click one button and within a couple of days four accounts became one. Much to my pleasure, those piddling balances combined to make an amount worth caring about.

Since my conversion, I’ve become a bit of a snob. I can now tell my friends that I’m among the 78 per cent of super fund holders (14 million Australians) who have just one account.

Confronting my poor super habits has made me think more about why it’s important. Other than looking to tap into my fund for a tummy tuck, or perhaps to break into the housing game, it’ll ideally allow me to retire and live a comfortable life. That’s peace of mind, even if it is decades away.

Angus Delaney is a trainee reporter at The Age.

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