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Aussies neglect their super amid alternative investing interest

By Jessica Penny
2 minute read

The pandemic has left many Australians open to non-traditional forms of investing, but according to a super fund CEO, the greatest asset might be under their noses.

A study from Equipsuper has revealed that many Australians are broadening their horizons following the COVID-19 pandemic, with one in five participants investing for the first time in shares, ETFs, NFTs, cryptocurrency, super or other investment products.

Of the 2,000 participants in the survey, 14 per cent were additionally found to have increased the amount they invest since the pandemic started.

However, for Equip CEO Scott Cameron, the study has exposed a “gaping hole” in general knowledge when it comes to banking superannuation away for retirement, despite the overarching trend of keener interest in investing across the country.

With this recent streak of adventurous investing, Mr Cameron feared that many Australians are “running before they can walk”.

“While more investment options are emerging, superannuation remains one of the most important financial assets,” he explained.

The super fund CEO added that keeping an eye on the progress of your super through working life is just as important as it is when approaching retirement.

Equip identified three categories when it came to perceptions of super, almost one-third of respondents (28 per cent) claimed they had “no idea” how much super they had, 37 per cent reported they knew the “ballpark” amount, and the remaining third (35 per cent) said they knew “to the nearest thousand”.

“It’s concerning that so many Australians have no idea how much they’ve actually saved after years of hard work,” Mr Cameron said.

The survey has revealed that Australians are more eager than ever to educate themselves on how to boost their savings, the CEO assured, but he added that this “shouldn’t be to the detriment of tried and tested investment products, like super.”

“Think about getting on top of your superannuation before exploring new, and potentially riskier, investment alternatives,” Mr Cameron concluded.