West Australians more likely to have multiple super accounts
On 14 August 2023, we shared that research we commissioned found 22 per cent of West Australians are likely to have multiple super accounts. This compares to 15 per cent in New South Wales, 12 per cent in Victoria and 16 per cent in Queensland.
ART’s Acting Chief of Retirement, Anne Fuchs, said the survey of more than 2,000 Australians*, run by YouGov, also found that 68 per cent of West Australians have not made an active choice with their superannuation.
“This survey highlights that West Australians are on average less engaged with their super fund than other states,” Ms Fuchs said.
“Investing time into your super is investing in your future – so the sooner you engage, the better.
“Having multiple super accounts means you may be paying multiple sets of administration fees, investment fees and insurance premiums.
“It is important that you consider the benefits available to you in your super funds and consider which ones are right for you. Bringing your accounts together and making an active choice on your investment and insurance arrangements could save you money and simplify your super, making a huge difference at retirement.”
Online searches for superannuation double in four years
On 14 August 2023, we shared that Australians are heading online to learn about superannuation like never before, with searches relating to superannuation as much as doubling over the last four years.
Data analysed by one of the nation’s largest super funds, Australian Retirement Trust (ART), shows there’s been nearly twice as many Google searches for ‘superannuation Australia’ this year compared to the same length of time in 2019.
ART’s Acting Chief of Retirement, Anne Fuchs, said it’s a clear sign Australians are wanting to know more about super.
“The reality is many Australians don’t know a lot about superannuation, which is concerning given it is likely their biggest, or second biggest financial asset,” Ms Fuchs said.
“This Google search data clearly shows people want to be more informed about super, but Google may not be your best option when you can access so much free information and education directly through your super fund.
“At Australian Retirement Trust, financial advice about your super is included as part of your membership so there’s no additional cost, and that would be my biggest message to people is to seek out advice.
“It’s important to remember that super is a long-term investment, so you should make sure you are getting the right advice for the long-term.”
*Finance and Superannuation Study, a survey prepared for ART by YouGov. Conducted online 2,113 Australians aged over 18, who have super and are not retired between 28 September and 6 October 2022.