Despite compulsory superannuation being in place since 1992, about one in four adult Australians have no super account, according to new research.
The findings come from a survey of 1007 people by Finder and match similar figures produced by the University of Melbourne’s Household, Income and Labour Dynamics in Australia (HILDA) survey in 2019.
The research shows that 24 per cent of Australian adults have no super at all and 17 per cent of people do not know where their super is.
Older demographics are overrepresented among those without super, with 50 per cent of baby boomers having no account, compared to 12 per cent of Gen Xers and 15 per cent of Gen Zs.
The high percentage of baby boomers without super is partly a function of now-outdated social norms.
“There was still a large part of the older baby boomer cohort where the husband would work and the wife [would stay] at home bringing up the kids,” said Paul Versteege, policy manager with the Combined Pensioners and Superannuants Association.
That meant fewer women with superannuation accounts.