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Many Australians are still not getting the message about consolidating their superannuation accounts, according to new research released by Sydney-based research house CoreData.
The research, released this week, found that almost two-thirds of Australians did not actively select their main superannuation fund and that two-fifths admit to having more than one superannuation account with different providers.
It found that 38.3 per cent of those surveyed had at least two super accounts, with 13.5 per cent having between three and five accounts.
Commenting on the survey results, CoreData’s Kristen Paech said the majority of people were apathetic when it came to superannuation, finding it hard to see it as their money since they were not able to access it until they retired.
“While most people recognise they would be better off financially by consolidating their super accounts, more than half of those with multiple accounts say they couldn’t be bothered to close the account or have not got around to it,” she said.
Paech said the most common reason given for stopping contributions was a change in employment, indicating a lack of engagement by people in their super.
