‘Don’t dismiss super balance’: Equip

10 January 2023
| By Laura Dew |
expand image

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.

“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.

Read more about:


Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

4 months ago
Kevin Gorman

Super director remuneration ...

4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

4 months ago

The Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months....

1 day 4 hours ago

The asset manager is bolstering its investments in the global energy transition and climate opportunities....

1 day 17 hours hence

The ethical investment manager has reported record FUM as its growth trajectory continues apace....

2 days 4 hours ago