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Majority of Australians failing to top up super
Only 14% of people with superannuation are making regular contributions to their super fund and missing out by failing to salary sacrifice, according to Finder.
The survey of 722 people found only one in five (19%) had made one-off contributions in the past.
Despite not making any contributions previously, one in five (21%) Aussies with super said they were planning to do so in the future. Nearly half (46%) said they had no intention of bulking up their balance.
Alison Banney, superannuation expert at Finder, said prioritising super early was the key to early retirement, and an especially important consideration during inflation.
Over the 12 months to July, the Consumer Price Index rose by 6.1%, with Treasurer Jim Chalmers predicting inflation to reach 7.75% by the end of the year.
"If you can afford it, sacrificing even just $100 or $200 each month will make a huge difference when it comes to retirement, thanks to compounding interest.
"While the recent share market drop is worrying for those who need to access their super now, it's also an opportunity to continue investing through the downturn while stocks are cheaper."
Gen X was the most likely to make monthly contributions to their super (17%), compared to 10% of Gen Z. More than a third of Gen Z (39%) said they planned to make a salary sacrifice in the future.
The survey also found one in 10 Australians with super (9%) did not know the name of their fund provider – equivalent to approximately 1.5 million people. Among Gen Z, that figure went up to one in six (16%).
In addition, 11% of super customers admitted they had never checked the performance of their fund and another 9% had not reviewed their fund’s performance in over a year.
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TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
