You hear it at barbecues, in lunchrooms, even scrolling through Facebook late at night. Someone mentions superannuation and the response is often the same — a shrug, a joke, or a quick change of subject.
“Yeah, I’ve got super… somewhere.”
For millions of Australians, that’s about as far as it goes. Super is there, money is going in, but no one’s really watching it. And while it might feel harmless now, that quiet neglect can end up costing people far more than they realise.
Super feels distant — until suddenly it’s not
Part of the problem is timing. Super doesn’t feel real when you’re in your 20s or 30s, juggling rent, fuel prices, groceries, childcare, or a mortgage that seems to grow every year. Retirement feels like a different lifetime.
For younger workers, especially casuals and gig workers, super can feel like background noise. Employers pay it, funds send emails people don’t open, and statements sit unread. Out of sight, out of mind.
Even older Aussies admit they’ve ignored it for years. Plenty of people only start paying attention in their 50s, when retirement suddenly feels close enough to touch. That’s often when the shock sets in.
Lost super is still a massive issue
Despite years of warnings, lost and unclaimed super remains a big problem across Australia. Job hopping, especially in hospitality, retail, construction, and labour hire, has left many people with multiple super accounts they didn’t even know they had.
Every new job can mean a new fund. Fees stack up quietly. Insurance premiums get deducted from balances you forgot existed. Over time, those small amounts drain real money.
You don’t hear about it day to day, but online forums and money groups are full of people saying the same thing: “I finally checked and realised I had three accounts doing nothing.”
That’s money people earned, worked for, and assumed was growing — when in reality, some of it was going backwards.
Fees and poor performance quietly eat away balances
Another issue is sticking with underperforming funds simply because it’s easier than changing. Super funds rarely shout about bad years. You have to go looking.
Many Australians are still sitting in default funds chosen years ago by an employer. Some of those funds perform well. Others don’t. And a difference of just one or two per cent a year doesn’t sound like much — until you stretch it over decades.
People often don’t realise that small gaps in performance can translate into tens or even hundreds of thousands of dollars less at retirement. It’s not dramatic. It’s slow, silent, and incredibly common.
That’s why super keeps popping up in conversations during times of financial stress. When cost-of-living pressure hits, people start looking harder at every dollar. Super, once ignored, suddenly becomes part of the bigger money picture.
Insurance inside super catches many off guard
Insurance inside super is another trap people stumble into late. Many Australians don’t realise they’re paying for life, TPD, or income protection insurance through old accounts.
Sometimes that cover is useful. Sometimes it’s not needed anymore. And sometimes people are paying multiple insurance policies across different funds without realising it.
It’s only when balances seem smaller than expected that people start asking questions. By then, years of unnecessary deductions may have already passed.
Again, it’s not about blame. Super isn’t simple, and it was never designed to feel urgent. But the system quietly assumes people will engage — even though many don’t.
Why this is coming up again now
Superannuation has been creeping back into public discussion lately, and not by accident. With living costs rising and retirement anxiety growing, people are reassessing long-term security.
You see it in talkback radio calls. You see it in comment sections under finance stories. You hear it from parents worrying about whether their kids will ever retire comfortably.
There’s also a growing awareness that government pensions alone won’t stretch far in the future. That puts more pressure on personal super balances to do the heavy lifting.
For many households, especially those without investment properties or large savings, super is the main retirement plan — whether they’ve treated it like one or not.
The real cost isn’t just financial
What gets lost in the numbers is the stress. People who ignore super for decades often feel overwhelmed when they finally face it. Statements feel confusing. Options feel risky. Mistakes feel permanent.
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That emotional weight matters. Retirement should be about choice and comfort, not panic and regret.
Financial advisers often say the biggest mistake isn’t picking the wrong fund — it’s doing nothing for too long. Even small steps, taken earlier, can make a real difference.
What many Aussies are starting to do differently
More Australians are beginning to check their super through My Gov, consolidate accounts, and at least understand where their money sits. Not everyone becomes an expert overnight, but awareness alone is a shift.
There’s also more casual conversation happening around super now. Friends compare funds. Parents talk to adult kids about it. Workers ask employers better questions when starting new jobs.
It’s slow, but it’s happening. And it usually starts with one moment — logging in, seeing the number, and realising it matters more than expected.
Looking ahead
Superannuation will probably never be exciting. It doesn’t have the drama of house prices or the buzz of crypto. But it’s deeply personal, and its impact lasts a lifetime.
Millions of Australians still aren’t tracking their super. Some won’t until it’s too late to change much. Others will catch it just in time to make meaningful improvements.
The difference often comes down to paying attention — not obsessively, not daily, just enough to stay informed.
Because super isn’t just money locked away for later. It’s future freedom, future choices, and future peace of mind. And ignoring it doesn’t make it go away — it just makes the outcome less certain.
Most people don’t need to overhaul everything tomorrow. But knowing where your super is, how it’s going, and what it’s costing you is a pretty good place to start.