About 80% of Australians do not know about an important change to super that could see them tied to a fund for life from today, being stuck in a poor fund could cost workers up to $230,000
Millions of workers will be ‘stapled’ to their current super fund, which means unless they choose otherwise the super fund they have now will stick with them from job-to-job.
A UMR survey of 1,120 respondents found that just 20% knew about the changes or what could happen to them if they don’t choose a fund. A further 42% had a vague understanding that super was changing but did not know what the reforms are and 38% did not know there were changes afoot.
And 70% did not know what the term ‘stapling’ meant in relation to superannuation.