In March this year Australian workers had more than $1.8 trillion stored away in superannuation funds, in part thanks to a system that generally requires employers to pay a contribution on employees’ behalf. From July 1, this required employer contribution jumped .25% to 9.5%.*
For many wage and salary earners who benefit from these compulsory super contributions, super is often something they think about once a year when their statement arrives in the mail. But we could all benefit from paying more attention to what are essentially our future funds.
According to MoneySmart Week, a not-for-profit movement set up to boost our financial literacy, one of the best ways to get a better handle on your superannuation is to consolidate your super accounts. We’re part of a group that is proud to be a key supporter of MoneySmart Week (September 1-7) set up to encourage Australians to take simple steps to make their money work harder and go further, now and well into the future. Here’s our guide to building a better financial future by consolidating your super funds.