“A simple review could transform your retirement in under an hour,” experts suggest.

In July, the Commonwealth Bank released findings that revealed significant gaps in the understanding of superannuation among Australians.

Further research conducted by Finder in October showed that nearly one-third of Australians, specifically 29%, are unaware of how their super fund has performed over the last year.

The study recommends evaluating your investment and insurance settings to ensure they align with your age and risk tolerance, as being in the wrong plan could mean missing out on substantial savings.

Additionally, some individuals may enhance their retirement nest egg by optimizing concessional contributions, with the current financial year cap set at $30,000, which includes employer contributions.

The survey, which included 1,500 participants, revealed that 90% of Australians recognize the crucial role superannuation plays in securing financial stability during retirement. Moreover, nearly 80% of respondents expressed confidence in their fund’s ability to make prudent financial decisions on their behalf.

Some people may also be able to boost their retirement savings by maximising concessional contributions, with the cap set at $30,000, including employer contributions, this financial year.

Most Australians happy with their fund’s performance

The survey of 1,500 Australians found 90 per cent believe super plays an important role in ensuring financial well-being in retirement, while nearly 80 per cent trust their fund to make sound financial decisions.

However, satisfaction levels were lower among people from culturally and linguistically diverse backgrounds.