What's Wrong With Super

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What's Wrong With Super
Girl 1: I find super very frustrating and confusing. It’s just a whole lot of ‘what the hell’.

What uni students think is wrong with superannuation

Boy 1: I don’t even know what I don’t know about super.
Girl 1: I had no idea what super funds were.
Boy 2: No, I had no idea.

There’s a problem with knowledge

Boy 2: I’ve had four jobs.
Girl 2: Four?
Boy 1: Actually, I’ve had about seven jobs.
Girl 1: I’ve had four jobs.
Girl 2: I think there were three different super funds.
Boy 1: Two.
Girl 1: Just two… yeah. One’s connected to my current bank account and the other one’s… I don’t know what’s happening with that one. They used to send me letters, and now they don’t. So… that’s concerning.

There’s a problem with duplicate accounts

Girl 1: The first job that I had gave me a super fund.
Boy 2: I basically had to tick an extra box on my introductory form and contract and whatnot that just said ‘please register a super account in my name’.
Boy 1: It was just easier to check the box.
Girl 1: They didn’t tell me about it; they were just like ‘here’s a super fund’.
Boy 2: I just sort of followed what everyone else did and ticked the box and went away with it.

There’s a problem with choice

Girl 2: Normally, once I’d moved between a different job, the first one would pretty much zero out before the next one started.
Boy 1: Last week I just checked my balance to compare it from, you know, a month ago, and I was short I think four hundred dollars just in fees.
Girl 2: It had dropped down and it’d never grow.
Boy 2: I got a letter all of a sudden one week that said ‘your super account has been closed because you’ve got no more money in it because it’s been eaten up by fees.

There’s a problem with low balances eaten by fees

Boy 2 (cont’d): So that was fun.
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