In a recent study, it was uncovered that a staggering 6.2 million Australians are in the dark about the performance of their superannuation funds. This revelation highlights a significant gap in financial awareness among a large portion of the population.

The survey, conducted by Finder and encompassing over 1,000 participants, disclosed that nearly 29 percent of Australians do not actively keep track of how their super funds are faring. This lack of vigilance is a cause for concern among financial experts.

In addition to those not monitoring their funds, 16 percent of respondents expressed dissatisfaction with their superannuation’s performance. This sentiment underscores the need for greater engagement with financial planning.

Experts caution that this complacency could have serious financial repercussions, potentially costing individuals thousands of dollars when they reach retirement age.

Alison Banney from Finder emphasized the importance of staying informed, noting that “The difference between an average fund and a top-performing fund can be the difference between just scraping by in retirement and living comfortably.” Her insights serve as a wake-up call for Australians to take a more proactive approach to managing their superannuation.

“This ignorance could cost you tens of thousands of dollars come retirement due to reduced returns.

“If you’re not monitoring your super’s performance, you could be leaving the equivalent of an entire year’s salary or more on the table by the time you retire.”

Banney said the fact money is paid directly into the super fund by employers can lead to workers forgetting about their super, especially as other financial pressures seem more pressing.

“Many give this money very little attention,” she said.

“It’s often a case of ‘out of sight, out of mind.’”

Banney also said consistently monitoring their super fund is important, as different funds will suit different stages of your life, and also pointed out 55 per cent of Aussies were satisfied with how their super fund was tracking.