One in three Australians are completely clueless as to how much superannuation they currently have got invested, a Suncorp Life survey has revealed.
Suncorp Life executive general manager of superannuation and investments Vicki Doyle said the number of Australians that did not know their super balances had increased by 9 per cent to 32 per cent in comparison to 2009.
She said in addition, one in three were checking their balances once a year or less, while 14 per cent were not checking their balance at all.
“These results suggest an increasing number of Australians are too scared to look at their super balance after a bad experience during the global financial crisis where funds dropped due to market volatility,” Doyle said.
“Australians would be better to rip the bandaid off however and check their super balance so they can take steps to ensure they are on track to live a comfortable retirement.”
Doyle said with only one in 25 people confident their super would be enough to maintain their lifestyle in retirement, people needed to be informed and take action to improve their position.
Meanwhile, the survey also showed that having enough money saved for retirement was among the top three concerns for 52 per cent of Australians, with 57 per cent becoming increasingly worried they would not have enough to retire on.
Figures also revealed that 29 per cent was sure their super would not be enough to retire on, but did not know what to do about it, while 42 per cent said they also lacked confidence in super due to the ongoing changes the Government makes to the rules.
The Suncorp Life survey captured the views of 1887 working Australians aged 18 to 65.
