Super 'too scary' to view post-GFC

ONE in three people are too scared to look at their superannuation balance after the global financial crisis wreaked havoc in investment markets, research suggests.

A survey commissioned by Suncorp-Metway Ltd shows 32 per cent of Australians are unaware of how much super they currently have, up from 23 per cent a year ago.

The proportion of people who never check their super balance is 14 per cent, up from nine per cent last year, while 32 per cent checked their balance once a year or less.

The survey of almost 1,900 people across Australia was conducted in April.

"These results suggest an increasing number of Australians are too scared to look at their super balance after a bad experience during the GFC where funds dropped due to market volatility," Suncorp's executive general manager of superannuation and investments Vicki Doyle said.

Figures released by the Australian Prudential Regulation Authority (APRA) on Thursday showed market volatility continues to impact superannuation balances.

Total superannuation assets dropped by $31.3 billion in the three months to June 30, down 2.5 per cent on the previous quarter.

The combined rate of return on assets fell into negative territory in the June quarter, after four consecutive quarters of positive returns.

The rate of return was negative 3.8 per cent, down from a rate of return of 1.6 per cent in the March quarter.

Ms Doyle said young people made up a high proportion of those who do not know how much super they have, showing apathy remained an issue.

People should consider super the same way they do a bank balance, Ms Doyle said.

"If you thought about it like a bank account sitting there with $30,000, which is a low average balance, you would be thinking about it quite significantly."

Just over half of the survey respondents expressed concern they would not have enough super to maintain their current lifestyle during retirement.

But Ms Doyle said there were several simple steps people could take to improve their super balance.

Consolidating accounts would cut down on fees and allow easier tracking of super, while advice should also be sought on how to make the most of tax benefits, she said.