“Just by looking at your super fund in your 20s rather than your 40s or 50s can mean a difference of around $87,000. You could easily be looking at a $100,000 difference in your super fund account depending on how and when you sort it,” Dominic said.
A common mistake young people make is having multiple super funds. This means you’ll be paying admin fees on each account.
“For younger people, multiple costs across multiple accounts is never a good idea. I’d be happy to say for young people, for people with under $300,000, it’s preferential to sort of reduce the cost of your super fund,” Dominic Aarsen said.
Additionally, research from finder.com.au found 42 per cent of Australians knew their exact superannuation balance and 11 per cent admitting they didn’t know how to check.
Further, the comparison site revealed one in four Australians are paying too much in super fees.