Retirement rut: Millions stuck in ‘set and forget’ super trap costing them six figures
A third of Australians are still with the same fund their first employer allocated, according to new research by Finder.
The Finder survey of 1,014 respondents reveals 1 in 3 (32%) – equivalent to 6.8 million Australians – are still with the same default superannuation fund from their first employer.
The research found 26% are with the default super fund of their current employer, while 41% are with a fund they chose themselves.
Pascale Helyar-Moray, superannuation literacy expert at Finder, said too many Australians are ignoring their superannuation.
"While the process of switching funds can seem complex, it's actually very simple and can significantly benefit you in the long run.
"There is a high probability that a better fund exists than the one your first employer set up for you."
Finder analysis shows increasing your average return on a $100,000 super balance from 6% to 7% can mean an extra $186,876 after 30 years, excluding fees.
To help Australians make better financial decisions when it comes to their super fund, Finder has announced the winners of its Superannuation Awards 2025.
Finder analysed fee and performance data of super funds across the following categories: best balanced fund, best conservative fund, best moderate fund, best low fee fund, best high growth fund.
Helyar-Moray said the award-winning super funds can be a great place to start when you're looking to boost your retirement savings.
Hostplus was named Provider of the Year, and also won three product awards in the Low Fee, Moderate, and Balanced Super Fund categories.
HESTA took home the award for Best Conservative Super Fund. It was recognised for its low fees and solid returns for members.
Aware Super was awarded the Best High Growth Super Fund title.
Helyar-Moray said whether you're new to the workforce, in the middle of your career, or nearing retirement, it's essential to keep track of your super.
"The amount you accumulate now will determine your lifestyle in retirement, so if your fund isn't performing well, it might be time to switch.
"When comparing providers, always look at their one, five, and ten-year returns, as well as the fees."
Finder Superannuation Awards 2025
| Category | Award Winner |
| Provider of the Year | Hostplus |
| Best Balanced Super Fund | Hostplus Indexed Balanced |
| Best Conservative Super Fund | HESTA Conservative |
| Best Moderate Super Fund | Hostplus Conservative Balanced |
| Best Low Fee Super Fund | Hostplus Indexed Balanced |
| Best High Growth Super Fund | Aware Super International Shares |
| Source: Finder's Superannuation Awards 2025 |  |
Are you with the default superannuation fund from your first employer?
| Yes | 32% |
| No, I'm with a fund I chose myself | 41% |
| No, I'm with the default fund from my current employer | 26% |
| Source: Finder survey of 1,014 respondents, July 2025 | |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,014 respondents from July 2025.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
Ask a question
I am in an industry high growth, high risk fund, but want to transfer my pension account to a retail or similar fund to avoid union / labour government fees and investment biases. I understand that fees may be slightly higher, but look for security. Can you recommend several retail funds?
Hi Peter,
We can’t recommend any specific funds, however you can compare retail funds in this guide: https://www.finder.com.au/super-funds/retail-funds
Thanks,
Alison