If you’re someone who has selected your own super fund or set up a Self Managed Super Fund (SMSF), it might surprise you to find out that you’re an exception.
The majority of Aussies just take the fund they’re ‘defaulted’ into by their employer when they start work. These default super funds make up about 80% of all super accounts.
Most people in default super take little to no interest in their fund and they tend not to switch regardless of performance.
Because of this, default super funds don’t face the kind of price-based competition they would in other industries where customers demand value-for-money.