<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Young Australians could find themselves around $128,000 worse off in retirement, simply because they showed a lack of interest in their superannuation funds, new research suggests.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Super Members Council is urging young Australians to check their super more often after new research revealed more than a third either look at their super or only check it once a year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The survey of more than 1300 Australians by research house Ideally found more than one in four Australians (26 percent) couldn't name their own super fund. The issue is slightly more prevalent for young Aussies, with 28 percent unaware of who is managing their retirement savings.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/federal-politics-superannuation-tax-changes/65f1d495-0758-4105-b2bb-4d4e11cee28f" rel="" target="" title="More than a million Aussies on verge of getting superannuation boost"><strong><span>More than a illion Aussies on verge of getting superannuation boost</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Council modelled the marked financial impact of this lack of engagement and found that paying just 0.1 percent more in fees could make someone $14,000 worse off at retirement. For those paying 1 percent more in fees, the loss balloons to a staggering $128,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Super Members Council CEO Misha Schubert said Australia's retirement system was the envy of the world, but more needed to be done to make young Australians aware of how to make the most of it.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Too many Australians risk sleepwalking into retirement with less money than they should have because they haven't felt confident to engage with their super," Schubert said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/the-super-mistake-which-could-cost-young-aussies-128000/d66a4595-f0a7-4076-8f7a-1a04f06af272" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Small differences in super can add up to life-changing sums over time. That's why staying engaged with your super from when you start working until you retire is so important."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>The rising cost of 'setting and forgetting'</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The warnings come as Australian superannuation balances hit record highs. According to recent data from the Association of Superannuation Funds of Australia (ASFA), the average super balance has climbed to $172,834. For those nearing retirement (aged 65-69), the average balance has reached $420,934.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Despite these growing figures, 33 percent of young Australians say super doesn't "feel like their money" because retirement feels so far away.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Super Members Council said the "best yardstick" for performance was "net benefit" - the total investment returns left over after all fees and insurance costs are deducted. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Previous research found that young Australians who understand their super are six times more likely to take action to improve their savings.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Simple steps to boost your balance</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>With the Super Guarantee rising to 12%, balances are set to grow even faster. The Council suggests several immediate steps to ensure young workers aren't leaving money on the table:</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><p><span>Check you are being paid: Unpaid super affects one in four workers, costing 3.3 million Australians almost $6 billion a year. Use your fund's app to verify employer contributions.</span></p></li><li><p><span>Consolidate accounts: Use the Australian Taxation Office (ATO) online tools to find lost super and merge accounts to avoid paying multiple sets of fees.</span></p></li><li><p><span>Compare performance: Use the ATO's MySuper comparison tool to see if your fund is a top performer.</span></p></li><li><p><span>Small contributions, big impact: Modelling shows an average 30-year-old who salary sacrifices just $20 a week could have $67,000 more at retirement, while also benefiting from tax savings today.</span></p></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>