Have you checked up on your superannuation this month?
If so, you're in a fast-growing minority.
That's according to the latest survey conducted by Money magazine in early February and based on 594 responses.
The survey revealed that 40.7% of Aussies now check their super on a monthly basis. That's a huge leap from the 7.5% who reported checking on a monthly basis in 2023.
And a growing number of respondents, 20.5%, said they review their superannuation account every payday. That figure was up from 3.2% in 2023.
The number of people who let it all ride and check their balance less than one time a year has also declined significantly to 4.7%, down from 16.6% in 2023.
That may be spurred by a lengthy period of elevated inflation and interest rates.
Commenting on the big increase in interest people are showing in their super accounts, Michelle Baltazar, editor-in-chief of Money magazine, said:
The cost of living crisis may have increased awareness of the challenges of living on a fixed income in retirement, and this may be driving increased interest in our super balances.
It is great to see more people keeping tabs on their super. It is likely to be our second largest investment behind our homes – and that makes super worth taking an active interest in.
Image source: Getty Images
What other superannuation trends did the survey reveal?
When running their slide rule over various superannuation offerings, respondents said they pay close attention to both the fees and the returns.
Fees just edged out returns however, with 79.3% of the surveyed Aussies citing competitive fees as the most important aspect of a super fund. The funds' returns were cited by 79.0% of respondents.
Other important factors Australians listed for super funds were easy to use apps and fund websites (53%), great customer service (44%), and transparency around where members' money is invested (42%).
"It is rewarding to see Australians becoming more aware of the impact of fees on their superannuation," Baltazar said. "This is an issue we have actively addressed in Money magazine because while investment returns will vary from year to year, fees are set in stone, and high fees will erode super savings over the long term."
Try to add a little extra from the early days
The survey also revealed that 44% of Aussies are waiting until they're at least 40 before making voluntary contributions to their superannuation.
"This is understandable as our earlier years can see household budgets stretched from buying a home, paying down a mortgage and raising a family," Baltazar said.
"However, even small voluntary contributions from an early age can do a lot of the heavy lifting of growing final balances thanks to compounding returns… A little extra today can make a valuable difference to your retirement lifestyle later on," she added.
