There are 24 million superannuation accounts in Australia from a total of 134 fund providers (excluding funds with seven members or less), with assets equalling $3.5 trillion. The top asset allocations across all funds are international shares (27%), Australian shares (22%) and fixed income (11%).
We used data from Finder's Consumer Sentiment Tracker, the The Association of Superannuation Funds of Australia, APRA and the ATO to explore the state of superannuation in Australia and how Australians interact with their funds.
How much money is in superannuation?
According to the Association of Superannuation Funds of Australia (ASFA), as of June 2023 the superannuation industry holds $3.5 trillion in assets, with the majority ($2.6 trillion) held in funds with more than 7 members. Nearly a third of super assets are held by industry funds ($1.2 trillion), with self-managed super funds taking second place ($878 billion).
What assets are super funds investing in?
Total investments by Australian super funds totalled $2.3 trillion as of June 2023.
International shares (27%) and Australians shares (22%) are the top asset allocations, followed by fixed income (19%), and cash (9%).
How many Australians have superannuation?
According to Finder's Consumer Sentiment Tracker, 68% of Australians have a superannuation fund and a further 6% plan on opening a super account in future. Australians are more likely to have a savings account (82%), a mobile phone plan (84%) and car insurance (72%) than a super fund. This is particularly concerning for those approaching the end of their careers, with 34% of Gen X and 50% of Baby boomers having no super fund account.
Those living in metropolitan areas (70%) are more likely than their regional counterparts (64%) to have a super fund, and higher income earners are substantially more likely to have a super fund. Only half (45%) of Australian adults with a household income of less than $50,000 per year have a super account, compared to 89% for those earning above $100,000.
How does superannuation compare between men and women?
According to the ATO, as of the 2020-2021 financial year, the median super fund balance for women between the ages of 65-69 is $201,233, and $213,986 for men. These figures inflated due to the ATO excluding retirees that have no money. Including those individuals would bring the median balance down. The gap between men and women's median account balances stand at 6%. Men still retire with more money, in part due to the gender pay gap and the career breaks women take to have children. These median indicate many Aussies are set to retire with substantially less than ASFA's comfortable retirement standard of $595,000.
Overall, 1in 2 (50%) of Australians say they are not sure if they will have enough super to get by in retirement, or feel they will definitely not have enough
Gen X are the most anxious when it comes to their retirement needs, reporting they need on average $751,813 to feel comfortable. On the other hand, Baby boomers feel they only need $545,548.
How many people make additional super contributions?
As of September 2023, member contributions to superannuation made up 27% of total contributions, and employer contributions made up the remaining 73%. A Finder survey in November 2023 found 8% of superannuation holders make monthly contributions to their superannuation fund, and an additional 12% have made one-off contributions. Another 17% say they are planning to make additional contributions to their fund at some point in the future.
Compare superannuation funds
Sticking with an underperforming or high-fee super fund could be draining money from your retirement fund. To set yourself up to live comfortably in retirement, compare super funds with Finder.
Sophie Wallis is a senior insights analyst with a passion for data storytelling. She spends her time turning complex data into digestible stories and uncovering new consumer trends. When she isn't working, you'll find her planning her next overseas holiday or bingeing on a big novel. Sophie has a Bachelor of Economics from the University of Melbourne.
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