A recent study has revealed a concerning trend: 33% of Australians don’t know their superannuation balance, and one in nine have never checked it. This lack of awareness could have serious consequences for retirement planning, especially as the cost of living continues to rise and the age pension alone may not be enough to support a comfortable lifestyle.
Why Superannuation Awareness Matters
Superannuation is often the second-largest financial asset Australians will accumulate in their lifetime, after their home. Yet many people treat it as “set and forget,” assuming it will take care of itself. The reality is far more complex.
- 63% of Australians don’t believe they’ll have enough super to retire comfortably.
- 31% don’t know how their super is invested, which can significantly affect long-term growth.
- Women and Gen Z workers are particularly disengaged, with 46% of women unaware of their investment mix.
How Much Super Do You Actually Need?
According to the Association of Superannuation Funds of Australia (ASFA), here’s what you’ll need by age 67 to retire comfortably:
- $595,000 for singles
- $690,000 for couples
These figures assume you own your home outright and receive a part Age Pension. They’re based on a lifestyle that includes:
- Private health insurance
- Leisure activities and travel
- A reliable car
- Household upgrades and occasional dining out
If you’re aiming for a more modest retirement, ASFA estimates you’ll need just $100,000 in super, supplemented by the Age Pension.
How Do You Compare? Average Super Balances by Age
Here’s a snapshot of average super balances in Australia by age group:
| Age Group | Average Balance (Men) | Average Balance (Women) |
|---|---|---|
| 25–34 | $42,100 | $34,500 |
| 35–44 | $107,700 | $76,900 |
| 45–54 | $219,300 | $136,000 |
| 55–64 | $326,200 | $246,300 |
| 65–74 | $435,900 | $381,700 |
The gender gap in super remains significant, largely due to career breaks, part-time work, and the gender pay gap.
What You Can Do Today
If you’re among the many Australians who haven’t checked their super recently, here are some steps to take:
- Log into MyGov and link to the ATO to view all your super accounts.
- Consolidate multiple accounts to reduce fees and simplify management.
- Review your investment options—are they aligned with your risk profile and retirement goals?
- Make voluntary contributions or consider salary sacrificing to boost your balance.
- Seek financial advice to create a personalised retirement strategy. We have a Financial Planner in house at VI Partner’s ready to assist
Final Thoughts
Superannuation isn’t just a line item on your payslip—it’s your future. Whether you’re 25 or 55, being proactive about your super can make a massive difference in your retirement lifestyle.
Don’t wait until retirement is around the corner. Start today.
