Published: 10 Jul 2019
Disengaged consumers want the Government to act on multiple super accounts, and ensure default super funds should be good quality, with low fees and a history of good performance, new polling has revealed.
The polling, commissioned by Industry Super Australia and conducted by UMR, shows that Australians with super significantly underestimate the existence of multiple super accounts, with only one in seven, or 15 per cent, of the people polled aware that they have more than one super account.
In contrast, the Productivity Commission found that 40 per cent of people have multiple super accounts, meaning up to 25 per cent of people, or one in four Australians, with multiple super accounts may not actually be aware they have more than one.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.