Between family gatherings, beach trips, and lazy afternoons, most Australians aren’t thinking about their super. But experts say the holidays are actually the perfect time to check in on your retirement savings — and it only takes an hour. A few small tweaks today could make a big difference later on.
A Holiday Check That Strengthens Your Retirement Future
The Association of Superannuation Funds of Australia (ASFA) is urging Australians to take a moment during the holidays to log in and review their superannuation accounts. It’s not the most festive activity, but according to ASFA chief executive Mary Delahunty, it can be surprisingly rewarding.
The idea is simple: make sure your super is working for you — not against you. That means checking your balance, your investment settings, and your contact information to ensure everything is up to date. For many, it’s the first step toward understanding where their money actually sits and how it’s growing.
A Commonwealth Bank study earlier this year revealed just how detached many Australians are from their super. Around 33% of people don’t know their current balance, 11% have never checked it, and nearly one in three have no idea how their funds are invested. The numbers are even higher among women and Gen Z, showing that financial engagement still has a long way to go.
Small Actions, Big Outcomes
According to ASFA, a few quick adjustments could add tens of thousands to your retirement fund. For example, someone in their 30s who consolidates multiple super accounts into a single low-cost fund could save up to $20,000 in fees and charges over time, reports SBS News.
Australians can easily check for duplicate accounts through myGov and roll them into one preferred fund. It takes about 20 minutes — less time than it takes to prep Christmas lunch — and could mean a noticeably larger nest egg decades from now.
ASFA also encourages people to review their investment options and insurance coverage. Younger members may prefer a higher-growth investment plan, while older Australians might lean toward more stable, lower-risk options. And for those who can afford it, making voluntary contributions before the $30,000 concessional cap resets each financial year can be a smart way to grow savings faster.
How Australians Feel About Their Super
Despite the lack of engagement, most Australians are surprisingly positive about the system. ASFA’s recent survey found that 79% of super members are happy with their fund’s performance, and 90% believe super plays an essential role in ensuring financial stability during retirement.
Still, the picture isn’t perfect. Australians from culturally and linguistically diverse backgrounds reported lower satisfaction rates — 69% compared to 81% for English-speaking members — highlighting that communication and accessibility remain issues for many.
Why Now’s the Time to Act
It’s easy to overlook super when bills, rent, and daily expenses already take up so much space in people’s minds. But the truth is, a little attention goes a long way. The holiday season, when work slows and people finally have time to breathe, offers a rare window to do something that your future self will thank you for.
You don’t need a financial planner or hours of spreadsheets — just curiosity and a login. Check your balance, tidy up your accounts, and make sure your hard-earned money is actually growing. After all, an hour on your super today could buy you an extra holiday — or several — once you retire.
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