The industry body reminded members to check their super these holidays as new survey results showed strong trust in super funds.Australians were called on to spend an hour of the summer holidays checking their superannuation as new ASFA research revealed that people trust their super funds more than any other financial institution.
“Jump online these holidays to check your super is working best for you and that your security settings are up to date. It takes less than an hour and could make a big difference to your retirement,” said ASFA CEO Mary Delahunty.
“For a 30-year-old, even the simple act of rolling three superannuation accounts, including one with higher fees, into one low-fee account could result in an extra $20,000 in retirement and takes less than 20 minutes,” she said.
ASFA published new survey results showing Australians trust their super funds more than their bank, the Government and insurance companies to act in their best interests.
More than 90 per cent agreed superannuation plays an important role in ensuring financial wellbeing in retirement, while nearly 80 per cent trusted their fund to make sound financial decisions.
“It’s heartening to see Australians place such trust in the super system and their super funds,” Delahunty said.
“We all have a role in guarding that trust. The super sector has had a great year for financial returns and has also made meaningful improvements to the service members receive.
“In 2026 super funds will continue to invest to ensure members get the best possible risk-adjusted returns, improve services and work together to keep members’ super safe.
“Members also have a role to play in making sure their super is working how they want it to and are keeping security settings up to date. The summer break is the perfect time to do this.”
The association encouraged members to take simple steps such as checking personal details, updating passwords, assessing investment and insurance settings, nominating beneficiaries, reviewing contributions, consolidating accounts and seeking advice.
It noted that super is often a person’s largest asset aside from their home.
ASFA’s survey of more than 1,500 people found 79 per cent of super account holders had a positive or very positive level of satisfaction with their fund’s performance.
Typical growth superannuation products returned 10.5 per cent in FY24–25 and averaged 7.1 per cent over the last decade.
Satisfaction levels were broadly consistent across demographics, although lower among people who speak a language other than English at home (69 per cent) and those with no asset classes outside super (72 per cent).
“These results show that Australians think super really is working for them, and also emphasise the benefits of choice in our super system. While four in five people are satisfied with their fund’s performance, those who aren’t are free to change fund or change their investment settings,” Delahunty said.
“The results also show us that we have more work to do when it comes to some important groups including those who don’t speak English at home.”
More than 90 per cent agreed super plays an important role in providing financial security in retirement, rising to 96 per cent among retirees.
Super funds received the highest share of first-place trust rankings and were most likely to appear in respondents’ top three trusted institutions.
