Money

Australians pay $31 billion in super fees each year

Published on May 29, 2017 12:12 am, by

Recently in the media, there has been hype surrounding superannuation fees, and how they are split across the industry between not-for-profit, the retail sector (including banks) and SMSF.

Australians are reported as having a disconnection with their super funds, with a large number of people thought to be unaware of their balance and the fees they are paying. Some people don’t even know who their super is held with.

Why is it important?

We work hard for our money. A portion of that money that we work hard for goes into super for our retirement. Making decisions about money really needs to include our super, as it has implications for the life we get to lead in the future.

It really doesn’t matter how far in the future retirement is, if you pay into a superannuation fund, that money is your money.

The things about super that we need to be aware of include the fund, the asset allocation and the fees. We also need to know if any insurances are included in our super, what they are, how much they cover and what we pay for them. And for most of us, one super account is best, as we don’t want to pay additional fees.

MoneyBrilliant can help

MoneyBrilliant customers can connect all their accounts in the app, including superannuation. When you log in you will see the current balances of all your accounts together. Having your superannuation balance displayed each time you log in, may help you engage with your superannuation, understand the balance and help you answer some questions about it.

When you connect your superannuation account to MoneyBrilliant, the transaction screen will show your last 3-12 months of transactions, and your history will grow the longer you are connected. Set up your alerts to be informed of fees, and use this as a prompt to have a look. This will help you understand your super and decide whether it’s in the best fund for you.

Finding the details of your super in the MoneyBrilliant app

To view your Super holding and transactions from the Accounts screen, select the superannuation account that you wish to view.

From the mobile app, click into Transactions or Holdings at the top of the screen. Holdings will show you your asset breakdown. Transactions will show your deposits and any deductions from your account.

In desktop underneath your Account Detail and History, you will see Transactions|Holdings. You can switch from viewing each by clicking on either word.

In addition to this, you can set up your alerts so you will be notified via your Activity Feed each time you receive a deposit or are charged a fee to your super account.

Share now

Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

Still searching?