Aussies Urged to Monitor Superannuation Balances for Future Financial Security
Recent findings from the Commonwealth Bank (CBA) reveal that a significant number of Australians are unaware of the status of their superannuation accounts. Alarmingly, one-third of workers do not know their super balance, even though it is a crucial component of their long-term financial planning.
James Koval, chief policy and advocacy officer at the Association of Super Funds Australia (ASFA), highlighted the importance of regularly checking super balances. He noted that this practice can help identify errors in super contributions and ensure individuals are in investment options aligned with their life stage and risk preferences.
According to CBA’s research, beyond the 33% of Australians unaware of their current super balance, 11% have never checked it. Moreover, 31% of respondents are uncertain about how their super is invested; this figure is notably higher among women and Generation Z, both at 46%.
Despite these discrepancies, the survey indicates that 95% of Australians have set at least one financial goal. The most common goal—shared by 42% of respondents—is saving for a holiday, followed by 29% focused on increasing their superannuation for a comfortable retirement. Other goals include paying off a mortgage (28%), establishing an emergency fund (27%), investing in the stock market (19%), and covering student loans (18%).
Jessica Irvine, CBA’s personal finance expert, acknowledged Australians’ eagerness to improve their financial standing but emphasised the need for a solid understanding of the foundational elements of personal finance. She stated, "Being financially confident doesn’t mean having it all figured out. It means being informed, asking questions, and taking small steps forward."
Koval reiterated that there is no time like the present to start monitoring super balances. He pointed out that accessing superannuation information has become increasingly straightforward, as many super funds now offer mobile apps, and balances can be viewed through MyGov.
He added, "Just one minute checking your super can make a significant difference to your retirement."
For those unsure about their super investment choices, Koval encouraged logging into their super accounts to explore current investment options and make changes aligned with their risk tolerance. Additionally, seeking guidance from super funds or financial advisers can be beneficial.
Looking ahead, Koval mentioned the introduction of ‘Payday Super’ set to commence mid-next year. While the legislation is still pending, starting 1 July 2026, employers will be required to pay superannuation contributions alongside employee salaries, rather than on a quarterly or annual basis. This shift is anticipated to enhance transparency around superannuation and could result in Australian workers being 1.5% better off at retirement.
Koval stated, "This change won’t only ensure millions of Australians receive the super they are entitled to, but will also encourage greater engagement with their super, which is undoubtedly a positive development."
Summary
The Commonwealth Bank has released research indicating that many Australians lack knowledge about their superannuation balances, with one-third unaware of their current figures. Experts advocate for regular monitoring of super balances, highlighting the long-term benefits in identifying errors and aligning investments with personal goals. As Australians set financial goals, including retirement planning and debt repayment, it’s crucial to stay informed and proactive about superannuation management. The upcoming ‘Payday Super’ initiative may further enhance the financial security of future retirees.
