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Super top ups increase: Survey

While only one in five (20%) Australians make extra contributions to their superannuation per month, it marks a growing number of members who are thinking more about their retirement balances, a new survey found.

Finder's March 2021 survey of 1015 consumers (717 of them were superannuation members), also found that only 14% of members make extra payments sporadically.

Finder conducted the same survey in late 2020 and found that only 8% of members made additional contributions to their superannuation - which is a two-and-a-half times increase in engagement.

Finder Banking and investment editor Alison Banney said Australians should not be under the impression that an unsupplemented super balance alone will be enough for a comfortable retirement.

"Women (25%) are less likely than men (43%) to make additional contributions," she said.

The findings coincide with the Association of Superannuation Funds of Australia's (ASFA) research, which shows the median super balances of men aged 60-64 is $154,453 and $122,848 for women.

A Finder analysis of ASFA's data reveals that on average men can only live off their super for 3.5 years, while women's funds would only last 2.8 years.

"Women have saved only 79% of the amount of their male counterparts by the time they reach retirement - often feeling the effects of the gender pay gap and time out of the workforce to perform caregiver duties.

"Without other assets like shares or investment properties to supplement their income, they may be looking to the pension within a decade," Banney said.

Members can contribute up to $25,000 in concessional contributions and up to $100,000 a year in non-concessional contributions.

Read more: ASFAAlison BanneyAssociation of Superannuation Funds of Australia