New average super balance revealed — how do you measure up?

Even though the cost-of-living crisis may be taking a bite out of our everyday savings, it seems Australians are still holding strong when it comes to their super.

New figures from the Association of Superannuation Funds of Australia (ASFA) show the average super balance has climbed to a record $172,834.

The data reveals strong  growth across all age groups, with those aged 65 to 69 now averaging $420,934 in retirement savings. Among the nearly 18 million Australians aged 15 and over with a super account, men average $192,119 while women sit at $154,641.

While a gender gap remains, the good news is it’s narrowing. Women now hold 43.6 per cent of the nation’s total super savings — up from 41.9 per cent five years ago. And with recent changes to the Low-Income Superannuation Tax Offset (LISTO) expected to further boost women’s balances, the gap looks set to close even more in the years ahead.

“The increase in the superannuation guarantee to 12 percent combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement. This is great news,” said ASFA CEO Mary Delahunty.

According to ASFA, Australia’s super system has helped generate an incredible $1 trillion in savings — money Australians might never have set aside otherwise.

“The superannuation system is helping Aussies achieve much more economic independence in retirement than would be possible if the system wasn’t set up three decades ago. And that’s crucial, because economic independence is closely tied to a dignified post-work life. The system is doing what it was designed to do, for more and more people every year,” Delahunty said.

If seeing how you measure up to these latest figures has left you feeling a little concerned about your own super balance, don’t worry — there are still plenty of ways to boost your retirement savings.

Founder and CEO of Stockspot, Chris Brycki, shared three simple steps soon-to-be retirees can take to top up their super:

• Just get started in investing. Even if it means having money sit in a bank account, at least that is earning interest.
• Minimise the fees you are paying by shopping around and seeing what you are charged
• Look at the total returns being offered, make sure you are investing in something that offers a return or dividend and also offers growth in assets.

With Australians’ super balances reaching record levels, now’s the perfect opportunity to see how you measure up — and take action to boost your nest egg for the years ahead.

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.