One in four Australians are unaware of their superannuation risk profile and could be “missing out” on additional super savings, new research from MLC has found.
MLC general manager of customer experience Lara Bourguignon said this lack of knowledge is stifling superannuation savings.
“Being in the right super risk profile is one of the key factors that will determine how much you have when you retire, but it’s often overlooked,” she said.
“As an example of the difference it could make, a woman aged 25 on $80,000 a year in a conservative risk profile until she’s 70 could improve her super balance by around $294,000 if she adjusted her profile according to her circumstances and life stage.”
The company said young women are “particularly at risk”, with 45 per cent saying they were unaware of their risk profile.
Ms Bourguignon said the Christmas break presented an opportune time for Australians to check their risk profile and ensure it suited their financial circumstances and goals.
“If there’s one thing every Australian can do right now to improve their retirement it’s to get in touch with their super fund and check what risk profile they are in, and, if it’s not right for them, to adjust it accordingly,” she said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Feb 2019ASIC probe finds widespread inappropriate advice at HSBCBy James Mitchell
- 20 Feb 2019IOOF profit up, advice margins downBy Sarah Simpkins
- 20 Feb 2019SMSF accountant enters EU with ASICBy Miranda Brownlee
- 20 Feb 2019Netwealth sees silver lining in Hayne recommendationsBy James Mitchell
- 19 Feb 2019ASIC to ‘fully implement’ Hayne recommendationsBy James Mitchell
- 19 Feb 2019CFS hamstrung advisers as they left for DoverBy Adrian Flores
- view all