Boosting your super is all about knowing the balance

Do you know your super balance?

If the answer is “yes”, then you’re among the one in four Aussies with super who do.

You’re also the most likely to say that you are in an aboveaverage-performing fund and you have a higher balance.

More than half of those who claim to know their exact balance say their fund’s performance is at least above average, according to a survey of 1042 Australians by the researcher UMR.

It seems age does not determine engagement with super.

While 30% of over-55s claim to know their exact balance, so do 26% of those aged 35-54 and 23% of those aged 18-34.

Industry Super Australia is urging Australians to get up to speed with their super.

“People who check their super are generally happier with how their fund is performing – the more engaged you are, the more likely you are to make good financial decisions,” says Industry Super Australia CEO Bernie Dean.

With the new year underway, here’s a good checklist: make sure you are being paid your legal entitlements; check you are with a top performer; consolidate your funds into one account; and consider making extra contributions.

Industry Super Australia calculates a 30-year-old on average wages who salary sacrifices $20 a week will have $67,000 more at retirement and will get a tax saving now.

A separate survey of more than 2000 people by Equipsuper found “gaping holes” in general knowledge about super.

It found that people fit into offered by various institutions can be found in the financial assistance hub on the ausbanking.org.au website.

6. Sign up to a rewards program

Some banks are offering as many as 100,000 frequent flyer points on new credit card applications.

While this was fairly rare in previous years, the deals have become more common.

The trick is to make sure you are not spending more just to rack up the points.

Dedicated websites like pointhacks.com.au can help you become more points savvy while avoiding the usual traps.

7. Open a savings account or term deposit

With interest rates languishing around zero for many years, many banking customers have snubbed classic savings accounts or term deposits.

But the cash rate has bounced back in 2023 and at last there are some decent offerings.

If you have more than $10,000 in cash that you don’t need for six months to a year, you might want to get a better deal and put it in a term deposit.

MICHELLE BALTAZAR

three categories: almost one in three say they have “no idea” how much super they have; another third know the “ballpark” amount; the remainder know “to the nearest thousand”.

Since the pandemic, one in five survey respondents have invested for the first time in shares, exchange traded funds, non-fungible tokens, cryptocurrency, super or other products.

But Equip CEO Scott Cameron says an increased interest in non-traditional investing places many people at risk of retiring with less financial security.

“While more investment options are emerging, super remains one of the most important financial assets,” he says.

“It’s concerning that so many Australians have no idea how much they’ve actually saved after years of hard work.”

GENEVRA LEEK

Not-for-profit employment, training and apprenticeships organisation, VERTO, has thrown its support behind a unique initiative helping youth in detention at the Frank Baxter Youth Justice Centre at Kariong.

A brainchild of the Tarragal Outrigger Canoe Club, the program helps Aboriginal youth in detention to access new sporting pathways through good behaviour.

The program also provides a sense of culture and belonging and a pathway to improved mental health, while assisting with reintegration into society and reducing the probability of reoffending.

“These youth have nothing, and as a new club, we had nothing to provide them in terms of safety and clothing that was fit for purpose for water-based paddling