A new survey conducted by Finder has revealed that one in four Australians do not have a superannuation account.
Finder surveyed 1004 Australians, finding that 24% - approximately 4.6 million people - have no super account.
The research found that of those with super, the most popular risk profile is balanced (25%), followed by growth (16%), high-growth (9%) and conservative (9%).
But it also found 17% are unaware of their risk profile.
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The demographic of Australians without a super account could be attributed to the introduction of the superannuation guarantee in 1992.
Many of those without a super account are older and may not have had compulsory super in their working lives.
For example, Finder found that only half of Baby Boomers (50%) have a super account, compared to 82% of Gen Z and 85% of Gen X.
Women are also less likely to have a super fund than men. The survey found 26% of women didn't have a fund, compared to 21% of men.
Only 11% of men reported not knowing their risk profile, compared to 23% of women.
There is also a disparity in risk profile along socioeconomic lines. Lower household income earners are less likely to invest in a high-risk profile, with only 3% reporting that they do, as opposed to 16% among higher household income earners.
This means those earning lower incomes could be missing out on the higher returns in growth options.
"Superannuation is a fundamental right for those in the workforce. With super being introduced in the early 90s, half of Baby Boomers in the study claimed to not have it, and this has been consistent over the past couple years of our research," Finder super expert Alison Banney said.
"Whether Aussies never had super, accessed it during the first COVID outbreak, or have lost track of their accounts, it all adds up to fewer people being protected than the system would hope."