Australians’ interest in superannuation is increasing rapidly, with online searches relating to super doubling in the last four years, according to analysis by Australian Retirement Trust (ART).
This year, there have been nearly twice as many Google searches for ‘superannuation Australia’ than the same length of time in 2019, the fund said.
The most common search is ‘super Australia’, which was searched over 330,000 times per month in the first half of 2023 compared to just over 234,000 times per month in the last half of 2019.
Similarly, searches for ‘superannuation’ have grown from 42,000 per month to 60,000 per month.
Searches for ‘what is superannuation’ have also seen an upward trajectory from 2,966 searches per month to 4,466 per month over that same time period.
ART’s acting chief of retirement, Anne Fuchs, saw this as 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,” she 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.
“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.”
The executive of the $240 billion fund, which has over 2.2 million members, highlighted the importance of receiving the right advice before making any decisions that could impact retirement savings.
Fuchs said: “Your superannuation account is likely your single biggest asset outside of the family home, so making informed decisions is crucial for your retirement.
“People in their 20s and 30s might be thinking, ‘I’m not retiring for 40 years so it doesn’t matter’, but they need to know that the decisions they make now will greatly impact their retirement.”
In February, a Virgin Money Super survey of over 1,000 Gen Z and Gen Y Australians found that over half (60 per cent) did not consider super to be their top financial priority at the moment.
It noted that Australians between 18 and 35 years old could be doing more to maximise their super but are limited by other priorities. Many were of the belief they were either too far down the track or were focused on paying off other debts.
