Those hoping to compare savings accounts 'may not understand superannuation'

Australians have been advised to ‘get to grips’ with their superannuation savings accounts.

New research from Suncorp has revealed almost 50 per cent of people think the savings accounts are too complicated, recounted.

Vicky Doyle, head of superannuation and investments at the group, said many Australians do not understand key terms.

She said: "There is a big problem when super providers and investors are speaking a different language about one of the biggest investments a person will have in their lifetime."

Among the terms people looking to compare high interest savings may not understand when it comes to superannuation is ‘allocated pension’, the news provider stated.

This means money put into superannuation savings accounts is converted into income on retirement.

Another key term is ‘unit pricing’, which indicates that money in the account will be pooled with others’ in order to be invested into assets, including shares.

The Association of Super Funds Australia and Westpac claimed people should look to save between $400,000 and half a million before retiring, reported.

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