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Trend towards single accounts

See how the data is trending towards single super accounts.

Last updated 25 February 2024

Overview

As at 30 June 2023, over 13.3 million people had only one super account. This is around 77% of the super population.

Super is your savings for retirement. It is important to know:

  • how much super you are getting
  • what accounts you have
  • insurance attached to each account.

Having multiple super accounts could mean you are paying unnecessary fees and charges. This can reduce your overall retirement income.

You can manage your super using ATO online services through myGovExternal Link. Here you can:

  • see your fund details and any accounts you may have forgotten about
  • transfer super from accounts you no longer use into your main account.

If you don't have a myGov account, you can create one and link it to the ATO.

Before transferring your super, check with your fund to see if you will lose any valuable insurance. For more information, visit ASIC's MoneySmartExternal Link.

Multiple super accounts held

As at 30 June 2023, over 13.3 million Australians had one super account, with around 4 million people holding 2 or more accounts. The following 6 tables provide demographic information on these individuals.

Figures are based on member data reported by funds to us for the year ending 30 June 2023. Percentages have been rounded to the nearest whole number. As a result, totals may not add up to 100%.

Number of super accounts

Percentage of accounts held by an individual

Number of accounts

Total individuals

1 account

77%

2 accounts

18%

3 accounts

4%

4 or more accounts

1%

Individual account holders by gender

Number of accounts

Male

Female

Unknown

1 account

77%

77%

79%

2 accounts

18%

18%

17%

3 accounts

4%

4%

3%

4 or more accounts

1%

2%

1%

Number of super accounts by age and gender

Percentage of accounts held by age group (male)

Age

1 account

2 accounts

3 or more accounts

18 and under

86%

12%

2%

19 to 25

75%

19%

6%

26 to 30

78%

17%

5%

31 to 35

80%

16%

4%

36 to 40

79%

16%

5%

41 to 45

77%

18%

5%

46 to 50

74%

20%

6%

51 to 55

72%

21%

7%

56 to 60

73%

21%

6%

61 to 65

75%

19%

5%

66 or over

85%

12%

2%

Percentage of accounts held by age group (female)

Age

1 account

2 accounts

3 or more accounts

18 and under

86%

12%

2%

19 to 25

74%

20%

6%

26 to 30

79%

17%

4%

31 to 35

80%

16%

4%

36 to 40

78%

17%

5%

41 to 45

75%

19%

6%

46 to 50

72%

21%

7%

51 to 55

71%

21%

8%

56 to 60

73%

20%

7%

61 to 65

77%

18%

5%

66 or over

86%

12%

2%

Number of super accounts by region

Percentage of accounts held by state or territory

State/territory

1 account

2 accounts

3 or more accounts

ACT

74%

21%

5%

NSW

79%

17%

4%

NT

72%

20%

8%

QLD

72%

20%

9%

SA

75%

20%

5%

TAS

80%

16%

4%

VIC

80%

16%

4%

WA

76%

19%

5%

Unknown*

86%

11%

3%

*Unknown refers to invalid and overseas addresses.

Number of super accounts held by individuals, 2020 to 2023

Number of super accounts

2020

2021

2022

2023

1

74%

75%

76%

77%

2

20%

19%

18%

18%

3

5%

4%

4%

4%

4 or more accounts

2%

2%

1%

1%

Individuals with 1 or 2 super accounts

94%

94%

95%

95%

Individuals with 3 or more super accounts

7%

6%

5%

5%

Note: The super health check includes step-by-step instructions on how to search for lost and ATO held super on ATO online services through myGov. To start download the super health check (NAT 75486, PDF 204KB)This link will download a file

 

 

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