Finder, a comparison website, conducted a survey revealing that 32% of respondents are still using their first employer’s default super fund. This could subject them to what’s known as the “lazy tax,” missing out on potentially better returns for their retirement savings.

Additionally, about 26% of individuals reported being with their current employer’s default super fund, while 41% said they had chosen their own super fund.

Finder superannuation literacy expert Pascale Helyar-Moray said too many Aussies were ignoring their super.

“Many people perceive the process of switching super funds as complex and effort-intensive, but it is actually quite simple, and switching could significantly benefit you,” she explained.

“You can bank on the fact that there’s a better fund out there than the one your first employer set up for you when you were a teenager.”

Finder’s analysis suggests that increasing the average return on a $100,000 super balance from 6% to 7% could equate to an extra $186,876 over 30 years, not accounting for fees.

“Whether you’re just starting in your career, halfway through, or nearing retirement, it’s vital to have a clear understanding of your super fund and its performance,” emphasized Helyar-Moray.

“The amount you build up in super over your working life will ultimately shape the lifestyle you can enjoy in retirement.”

Helyar-Moray said if your fund isn’t in the top-performing ranks, it may be time to take your nest egg elsewhere.

“Before switching providers, compare the one, five, and 10-year return rate as well as fees,” she said.