Millions in the dark on super performance

New data shows millions of Australians have little idea how their super funds have performed over the past year.

Almost one in three Australians has not checked their superannuation performance in the past 12 months, according to new research from Finder.

The survey of 1,034 people found that 29 per cent – about 6.2 million Australians – are unaware of how their super fund has performed, while 16 per cent said they were dissatisfied with their returns. Just over half, or 55 per cent, reported being happy with their fund’s performance.

Finder’s superannuation expert Alison Banney said many workers pay little attention to their super because contributions are handled automatically by employers.

“Because the super guarantee is paid directly to your super fund by your employer, many give this money very little attention. It's often a case of 'out of sight, out of mind',” she said.

Banney warned that ignoring super performance could have costly long-term consequences.

“This ignorance could cost you tens of thousands of dollars come retirement due to reduced returns,” she said. “If you're not monitoring your super's performance, you could be leaving the equivalent of an entire year's salary – or more – on the table by the time you retire.”

She added that staying engaged and regularly comparing performance could make a significant difference to retirement outcomes.

“The difference between an average fund and a top-performing fund can be the difference between just scraping by in retirement and living comfortably,” Banney said. “You want to be checking how your super fund is tracking at least annually compared to the rest of the market and whether you are still in the right type of fund for your stage of life.”

Peter McGauran, Sales Director APAC, Smart Communications said that this research has revealed a “worrying gap” in engagement member engagement.

“If 29 per cent of members don’t know how their fund performed, even though annual statements are required, it’s a clear sign the message isn’t getting through,” McGauran said. “If your message isn’t reaching your customers, you don’t have a compliance issue. You have a communication problem.”

“Each generation, from Baby Boomers to Gen Z, has distinct communication preferences shaped by their experiences with technology. Older Australians may value traditional channels such as a printed statement in the letterbox, while younger Aussies increasingly expect fast and seamless digital experiences.”

“For younger generations, digital-first does not just mean an email that can end up buried in an inbox. It means intuitive, personalised and mobile-friendly communication that cuts through the noise.”

McGauran added that super funds must “tailor channels and messages” to each generation’s habits and preferences in order to “truly connect with members, build trust and engagement”.

“By meeting customers where they are, and using communications channels aligned to their preferences, super funds can ensure important information such as fund performance is clearly and conveniently communicated to members,” he said.

“It is a simple step that will help Australians stay informed and confident about their retirement savings.”