Millions don’t trust their super fund: here’s the bigger problem

Millions of Australians are worried their super fund isn’t acting in their best interests, but many admit they rarely, if ever, check whether their retirement savings are actually performing.

New research from Finder has uncovered a troubling contradiction, with millions of Aussies expressing doubts about the fund managing one of their biggest financial assets while taking little action to ensure they’re getting the best possible returns.

The survey found 17 per cent of Australians are not confident their super fund is acting in their best interests, while a further 6 per cent have no confidence at all. That’s equal to almost 4.9 million people questioning the organisation responsible for growing their retirement savings.

At the same time, a separate Finder survey revealed 19 per cent of Australians have never compared the performance of their super fund, while 16 per cent haven’t reviewed it in more than a year.

Trust issues and disengagement

The research also suggests many Australians are leaving their retirement savings on autopilot.

Almost one in three people (32 per cent) remain with the default super fund allocated by their first employer, while seven per cent admit they don’t think about their super at all. Women were more than twice as likely as men to be disengaged, with 10 per cent saying they never think about their super compared with four per cent of men.

Finder personal finance expert Sarah Megginson said Australians should treat their super as one of the most important financial decisions they make.

“Your super is likely your biggest financial asset outside of your home, so the idea that millions of Australians don’t trust the fund managing it should be a wake-up call,” she said.

Megginson warned that doing nothing can be just as costly as choosing the wrong fund.

“Apathy is just as costly as a poor-performing fund. If you’re not paying attention, there’s every chance you’re not in the best product for your situation.”

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Small changes can deliver big rewards

Australia’s superannuation system now manages $4.44 trillion in assets, according to the latest figures from the Australian Prudential Regulation Authority (APRA), with APRA-regulated funds returning an average 7.4 per cent over the year to March 2026.

Megginson said even seemingly modest improvements in investment returns could have a dramatic impact over time.

“Increasing your average return on a $100,000 balance from 6 per cent to 7 per cent might not sound like much, but that’s an extra $186,876 in your pocket after 30 years,” she explains.

“A fund charging higher fees than necessary is also quietly eating into your retirement savings every single year.”

She urged Australians to review their super fund’s one, five and 10-year returns, compare fees and ensure their investment option still matches their age, goals and appetite for risk.

“Check your fund’s one, five and 10-year returns and compare them against the alternatives. It only takes a few minutes and the difference could have huge ramifications come retirement.

“There is no loyalty reward in superannuation. The only thing that matters is how your balance grows.”

Author’s note

This story is based on new Finder consumer research and incorporates APRA superannuation performance data to provide broader context. While the survey highlights Australians’ attitudes towards their super funds, readers should compare products using independent sources and seek licensed financial advice before making changes to their retirement savings strategy.