Only 14% of people with superannuation are making regular contributions to their super fund and missing out by failing to salary sacrifice, according to Finder.
The survey of 722 people found only one in five (19%) had made one-off contributions in the past.
Despite not making any contributions previously, one in five (21%) Aussies with super said they were planning to do so in the future. Nearly half (46%) said they had no intention of bulking up their balance.
Alison Banney, superannuation expert at Finder, said prioritising super early was the key to early retirement, and an especially important consideration during inflation.
Over the 12 months to July, the Consumer Price Index rose by 6.1%, with Treasurer Jim Chalmers predicting inflation to reach 7.75% by the end of the year.
"If you can afford it, sacrificing even just $100 or $200 each month will make a huge difference when it comes to retirement, thanks to compounding interest.
"While the recent share market drop is worrying for those who need to access their super now, it's also an opportunity to continue investing through the downturn while stocks are cheaper."
Gen X was the most likely to make monthly contributions to their super (17%), compared to 10% of Gen Z. More than a third of Gen Z (39%) said they planned to make a salary sacrifice in the future.
The survey also found one in 10 Australians with super (9%) did not know the name of their fund provider – equivalent to approximately 1.5 million people. Among Gen Z, that figure went up to one in six (16%).
In addition, 11% of super customers admitted they had never checked the performance of their fund and another 9% had not reviewed their fund’s performance in over a year.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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