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Understanding super & money
Savings in super can do a lot more than money in a regular bank account. Why? Because you get to choose how your balance is invested.
Watch (3 minutes)
Watch (3 minutes)
Your super can do more for your finances than you think. Gen from the IOOF team shows us how taking an interest in your super investments can up your worth.
If you’ve gone to the trouble of setting up online access to your super account, maybe you’ve looked at your total balance to see how much you have.
What you may not have explored yet is how your super is invested. If this is a step you haven’t taken, you won’t know that your super fund has made this choice on your behalf. When you join a super fund, if you don’t choose how to invest your super, any savings you already have, and any new payments into your account will be invested in a default investment fund.
This default might be ideal for your life stage and the type of investments you feel comfortable with. But most super funds offer a whole range of investment options and there might be one that’s a much better choice for getting the most from your super savings.
"Want to get the hang of investing without the pressure? Super is the perfect sandbox for getting comfortable with investing when you don't have experience or spare savings to invest. Depending on your age you may be able to 'learn as you go' and get to understand what investment risks mean to you."
Your super fund has a responsibility to make decisions in best interest of all members so they’ll invest it in a default option if you don’t make your own investment choices.
Only you can make changes to your super investment options. The easiest way to make changes is to access your account online or speak to a financial planner if you need help.
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