New survey shows Aussies don't know where their super is being invested

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on October 13, 2021
New survey shows Aussies don't know where their super is being invested

According to superannuation platform Superhero, 17% of Aussies don't know what investment option they are in.

The survey of 4,000 members, showed that the least informed were young Australians (18-24), with 24% not knowing what options their super was invested in. 

The survey also showed that 52% of all Aussies don't know how much they are paying in fees to their current fund. 

Superhero co-founder and CEO John Winters said that while all customers want growth, many aren't actively checking where their money is going.

“It’s shocking to think that so many don’t know what their super is being invested in.”

"While retirement is thought of as something down the track for many, understanding how super works and how Aussies can set themselves up for a successful retirement should be considered a priority from when they enter the workforce,” he said. 

Where Aussies want to invest their super

The research also showed the assets in which Superhero customers would most like to invest their superannuation.

Nearly three quarters (73%) of 18-34 year olds and 66% of 35 to 44 year olds want their super invested in ASX ETF's. 

"We’ve learnt that our customers want increased control and flexibility when it comes to how their superannuation is invested," Mr Winters said. 

"ETFs themselves are a great way to have multiple bites of the cherry when it comes to investing as they’re made up of several different assets."

Additionally, over two-thirds (69%) of customers aged 45 and over would prefer to invest their super in ASX shares. 

The data also found that younger Australians are more likely to want to invest their super in cryptocurrencies with nearly 28% of Superhero customers between 25 and 34 interested in doing so compared with just 15% of Superhero customers aged 55+.

"Crypto is an interesting one too – it’s obviously a newer form of investment and younger Aussies clearly see the potential.”

Super_assets (1) (1).png

Source: Superhero 


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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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