Super blind spots: Most Aussies don't want their money locked up.

A new survey from Mozo highlights a concerning trend: a staggering number of Australians are willing to dip into their superannuation early, and without even knowing how much is in there in the first place. Talk about long-term consequences for their retirement!

What the numbers reveal about early super access

Here, we’re focusing on the specific question of whether Aussies think they should be able to access their super whenever they want, along with some follow-up beliefs related to that.

We found that more than half of Australians (56%) believe they should have the freedom to access their super at any time. However, only about a third of that group (which equals 17% of the total sample) would actually act on that belief. The rest would leave it be, and use it for its intended purpose: retirement.

Now, let’s focus on that 17%—those who not only believe they should have access, but who would readily use it if given the chance.

Of this group, nearly a third are unaware of their super balance. That means, based on our survey, a notable 5% of the total population would want to access their super without even knowing what they have saved.

When early release of super makes sense and when it doesn’t

While that 5% may have a misguided view, it's understandable given the financial pressures many Aussies are facing today. Between rising living costs, housing pressures and unexpected emergencies, Aussies are currently being squeezed from all sides.

We’ve argued in the past that early release of super can be a valuable option, not just for emergencies but also for improving quality of life in cases like weight loss surgery and even certain cosmetic dental procedures. 

But using it to cover everyday financial pressures is a different matter, especially without fully understanding the long-term impact or knowing your balance.

Get the facts before accessing your super early

So, before considering any form of early access, take time to review your super balance, understand the long-term impact on your retirement savings, and explore other financial options like budgeting support, low-interest loans or government assistance. 

Consulting a financial adviser can also help you weigh the pros and cons and make better decisions about your financial situation now and in the future. In fact, many super companies offer this service for free. So give them a ring, and don’t forget to ask them what your balance is!

And while you’re at it, take a moment to check out our superannuation guides hub, where you can learn more about a wide range of superannuation topics like early release, contribution opportunities, types of funds and more.