If you surveyed a bunch of people asking them how many times they checked their bank account, you would expect that figure to be once a week or month for most people, right? 

What if you changed the question to asking people how many times they check their super balance? 

We did this with more than 1,300 Australians recently and found that more than a third of young Australians either seldom check their super or only check it once a year. 

On top of that, more than 1 in 4 couldn’t name their super fund. Given super’s likely to be one of the biggest financial assets most people ever have, this lack of engagement is a big blind spot.  

Super might feel like a distant concern when retirement is decades away for young Australians, but paying attention to your super can translate into more money in retirement. 

Small differences in fees and performance add up dramatically over time if you’re not paying attention. Our modelling shows that paying just 0.1 per cent more in fees could leave someone around $14,000 worse off at retirement. A 1% difference? That’s a staggering $128,000 gone by the time you stop working. 

That’s why we’re focused on building knowledge among young Australians about their super and actions they can take to strengthen their financial future. 

Our research shows that young Australians who understand their super are six times more likely to take steps that improve their retirement outcomes. Almost half of young people also want their super fund to do more to help them understand how it works.  

If the evidence shows better engagement could add up to better retirement savings, then a future in which Australians pay attention to their super in the same way they do their bank account is something worth striving for.