Did you know that Aussies are paying $2.6 billion extra a year because of unintended multiple superannuation accounts? That’s $1.9 billion in excess insurance premiums, and $690 million in excess administration fees. It’s a fact, the Productivity Commission made this estimate recently.
While the press surrounding this number focussed on the finance industry itself, and ran headlines like “the greatest financial scam”, I believe this statistic is evidence of so much more.
It means that Australians are, by and large, unengaged with their superannuation. It means that they don’t understand it, that it is easier to ignore it, and that savings for the future are not valued because it is not accessible.
This is the biggest shame of all. Because if there’s one thing I have learned about money, it’s that you need to take responsibility for it yourself. You don’t have to have the skills of a financial planner or a
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