Low fees outrank high returns as Australians expect more from their super fund, including useful apps and great customer service.
- Six out of 10 (61.2%) Australians check their super at least monthly, up from 10.7% in 2023.
- Just 4.7% of Australians check their super fewer times than once a year, down from 16.6% in 2023.
- Eight out of 10 (79.3%) Australians say fund fees are important, ahead of 79% who prioritise investment returns.
- 53% of Australians want user-friendly apps/websites, while 44% are looking for good customer service.
Australians are taking a growing interest in their superannuation and are prioritising competitive fees over high returns according to a survey by Money magazine.
The survey, conducted as part of Money’s annual Love Your Super education campaign, confirms two in five (40.7%) Australians now check their super monthly, up from 7.5% in 2023. One in five (20.5%) review their super account each payday, compared to 3.2% in 2023.
At the other end of the spectrum, only 4.7% of Australians check their super balance fewer times than once a year, down from 16.6% in 2023.
Michelle Baltazar, Editor-in-chief, Money magazine, said, “The cost of living crisis may have increased awareness of the challenges of living on a fixed income in retirement, and this may be driving increased interest in our super balances.
"It is great to see more people keeping tabs on their super. It is likely to be our second largest investment behind our homes – and that makes super worth taking an active interest in.”
Fees outrank returns for importance
Competitive fees are the most important aspect of a super fund for eight out of 10 (79.3%) Australians, narrowly outranking fund returns (79.0%).
Other factors that matter to Australians are easy to use apps and fund websites (53%), great customer service (44%) and transparency around where members’ money is invested (42%).
“It is rewarding to see Australians becoming more aware of the impact of fees on their superannuation. This is an issue we have actively addressed in Money magazine because while investment returns will vary from year to year, fees are set in stone, and high fees will erode super savings over the long term,” said Baltazar.
6 in 10 Australians have compared funds
The growing interest Australians are taking in their super is being matched by rising awareness that most workers are free to switch to a new fund.
One in three (31%) Australians have used an online tool to compare between funds, and one in five (21%) say they are interested in comparing funds.
Only 15% say they are “not interested” in looking at a different super fund.
Leaving it late with extra contributions
Despite this, many Australians are delaying making voluntary super contributions until later in life.
“More than two in five (44%) Australians wait until they are aged 40-plus to make voluntary contributions. This is understandable as our earlier years can see household budgets stretched from buying a home, paying down a mortgage and raising a family,” said Baltazar.
“However, even small voluntary contributions from an early age can do a lot of the heavy lifting of growing final balances thanks to compounding returns.”
“For the six% who have no intention of adding to their super, or the 11% who plan to contribute more at some stage, I say that it’s never too late to add a bit extra to your super.
“This can be done through options such as salary sacrifice or tax deductible contributions, both of which ease hip pocket pain. A little extra today can make a valuable difference to your retirement lifestyle later on,” said Baltazar.
Money conducted this survey from February 5, 2025, to February 19, 2025 and received 594 responses.
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