Young Australians have more money in super than in the bank
Most Australians under the age of 29 have more money in super than with their bank – yet a whopping 56% of young people pay little or no attention to it.
Recent research by the Association of Superannuation Funds of Australia (ASFA) shows 40% of young people have no idea what their super balance is and a further 16% have only a vague idea.
ASFA found around a quarter of Australians aged 15–19 and 75% of those aged 20–24 had a super account. The average balance in 2014 for those aged 20–24 was around $5,000 rising to more than $16,000 for those aged 25–29 years.
They’re not huge balances but they are substantial compared to what most young people have in their bank account.
Put it all together and make it count
One of the surest ways to erode your super is to have multiple accounts with multiple fees and charges – and it’s a trap three in five young Australians fall into.
ASFA found more than 30% of those aged 18–25 have more than one super account and 10% of them have three or more. For those aged 26–30 years, nearly 20% have three or more accounts.
Multiple accounts can cost you dearly over time. Each will typically have an administration charge of $100 a year or more. Each account could also come with insurance cover, with premiums of $200 or more per account – cover you may be paying for twice.
Consolidating super accounts is easy. You can do it online or over the phone right now. No forms, no hassle. Call us on 1800 682 525 or log in to your account, enter the details and consolidate in just a few steps.