‘Don’t dismiss super balance’: Equip

Superannuation members are at risk of retiring with a lower balance as they are overly-focused on other assets such as cryptocurrency, according to Equip.

There had been a boost in exposure to cryptocurrency and stockmarket trading since the pandemic, some of which was driven by social media and finfluencers, and many had made investments for the first time.

Equip said this had come at the cost of interest in super as almost one in three of the 2,000 people surveyed by Equip said they had “no idea” how much they held in their super and more than a third said they knew the “ballpark amount”.

Equip chief executive, Scott Cameron, said: “While more investment options are emerging, superannuation remains one of the most important financial assets.

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

“We’re entering a new age of investing, with new products like cryptocurrency and NFTs capturing the public imagination. But this shouldn’t be to the detriment of tried and tested investment products, like super.”

He suggested people take a closer look at their balance and how they could use their super fund to achieve the best returns such as by changing risk portfolio.