Younger Australians Are Sleeping on Their Super – Here’s Why it’s a Bad Idea

Superannuation isn’t exactly a hot topic at brunch, and let’s be real—it’s not the most exciting thing to think about. Retirement feels like a lifetime away, and with rent, bills, and the occasional weekend getaway taking priority, for young people, Super just doesn’t seem that important right now. But ignoring it? That could mean losing out on a serious chunk of money down the line.

Why Isn’t Super on the Radar for Millennials and Gen Z?

Younger Aussies are pretty switched on when it comes to money. Budgeting apps, investing in shares, crypto, and side hustles—there’s no shortage of financial awareness. But Super? That’s where the interest drops off.

For starters, it doesn’t feel urgent. Retirement is decades away, so it’s easy to assume there’s plenty of time to deal with it later. Then there’s the complexity—Super funds, fees, investment options—it’s a lot to take in, and who really has the time to deep-dive into all that? Another issue? Job-hopping. Changing jobs often means changing Super accounts, and before you know it, you’ve got multiple accounts, multiple fees, and a smaller balance than you should. And let’s not forget the scepticism. Some people aren’t convinced that Super will even be there for them when they retire, so they just tune out entirely.

The Cost of Not Paying Attention

Super isn’t just a ‘set and forget’ thing, even though it might seem that way. If you’re not keeping an eye on it, you could be losing money without even realising it. Multiple accounts mean multiple fees, and over time, those fees eat away at your balance. Then there’s the missed growth. The earlier you start paying attention to your Super, the longer it has to grow, and thanks to compound interest, that could mean thousands more by the time you retire. And let’s not forget lost Super—there are billions of dollars sitting in forgotten accounts across Australia. Some of it could have your name on it.

How to Get Your Super Sorted (Without the Headache)

The good news? Sorting out your Super doesn’t have to be a massive effort. First things first, check your balance. Log in to your MyGov account or your Super fund’s website and see where you’re at. If you’ve got multiple accounts from old jobs, consider rolling them into one fund to avoid paying unnecessary fees. Look into whether your current fund is the right one for you—are the fees reasonable? Is it performing well? Does it align with your values? If you can afford it, even small voluntary contributions now can add up to a lot later on. And once you’ve got things in order, make a habit of checking in on it every so often—just like you would with your bank balance.

Future You Will Thank You!

Super might not seem like a big deal right now, but giving it a little attention today could mean a much easier and more comfortable retirement. It’s your money, and the more you stay on top of it, the better off you’ll be. So next time you’re scrolling through your banking app, take an extra minute to check your Super—it could be one of the smartest financial moves you make.