Overview of trend towards single accounts
As at 30 June 2024, just under 14 million people had only one super account. This is around 78% of the super population.
Super is your savings for retirement. It is important to know:
- how much super you are getting
- what accounts you have
- insurance attached to each account.
Having multiple super accounts could mean you are paying unnecessary fees and charges. This can reduce your overall retirement income.
You can manage your super using ATO online services through myGovExternal Link. Here you can:
- see your fund details and any accounts you may have forgotten about
- transfer super from accounts you no longer use into your main account.
If you don't have a myGov account, you can create one and link it to the ATO.
Before transferring your super, check with your fund to see if you will lose any valuable insurance. For more information, visit ASIC's MoneySmartExternal Link.
Multiple super accounts held
As at 30 June 2024:
- just under 14 million individuals had one super account
- around 4 million individuals held 2 or more accounts.
The following 6 tables provide demographic information on these individuals.
Figures are based on member data reported by funds to us for the year ending 30 June 2024. Percentages have been rounded to the nearest whole number. As a result, totals may not add up to 100%.
Number of super accounts
|
Number of accounts |
Total individuals |
|---|---|
|
1 account |
78% |
|
2 accounts |
17% |
|
3 accounts |
4% |
|
4 or more accounts |
1% |
|
Number of accounts |
Male |
Female |
Unknown |
|---|---|---|---|
|
1 account |
78% |
78% |
81% |
|
2 accounts |
17% |
17% |
16% |
|
3 accounts |
4% |
4% |
3% |
|
4 or more accounts |
1% |
1% |
1% |
Number of super accounts by age and gender
|
Age |
1 account |
2 accounts |
3 or more accounts |
|---|---|---|---|
|
18 and under |
87% |
11% |
2% |
|
19 to 25 |
77% |
18% |
5% |
|
26 to 30 |
79% |
16% |
5% |
|
31 to 35 |
81% |
15% |
4% |
|
36 to 40 |
80% |
15% |
4% |
|
41 to 45 |
78% |
17% |
5% |
|
46 to 50 |
75% |
19% |
6% |
|
51 to 55 |
73% |
20% |
7% |
|
56 to 60 |
74% |
20% |
6% |
|
61 to 65 |
76% |
19% |
5% |
|
66 or over |
85% |
12% |
2% |
|
Age |
1 account |
2 accounts |
3 or more accounts |
|---|---|---|---|
|
18 and under |
87% |
12% |
2% |
|
19 to 25 |
76% |
18% |
5% |
|
26 to 30 |
80% |
16% |
4% |
|
31 to 35 |
81% |
15% |
4% |
|
36 to 40 |
79% |
16% |
5% |
|
41 to 45 |
76% |
18% |
6% |
|
46 to 50 |
73% |
20% |
7% |
|
51 to 55 |
72% |
21% |
7% |
|
56 to 60 |
73% |
20% |
7% |
|
61 to 65 |
77% |
18% |
5% |
|
66 or over |
86% |
12% |
2% |
Number of super accounts by region
|
State/territory |
1 account |
2 accounts |
3 or more accounts |
|---|---|---|---|
|
ACT |
75% |
20% |
5% |
|
NSW |
80% |
16% |
4% |
|
NT |
75% |
19% |
7% |
|
QLD |
73% |
19% |
8% |
|
SA |
77% |
19% |
5% |
|
TAS |
81% |
16% |
4% |
|
VIC |
81% |
15% |
4% |
|
WA |
77% |
18% |
5% |
|
Unknown* |
86% |
11% |
2% |
*Unknown refers to invalid and overseas addresses.
|
Number of super accounts |
2021 |
2022 |
2023 |
2024 |
|---|---|---|---|---|
|
1 |
75% |
76% |
77% |
78% |
|
2 |
19% |
18% |
18% |
17% |
|
3 |
4% |
4% |
4% |
4% |
|
4 or more accounts |
2% |
1% |
1% |
1% |
|
Individuals with 1 or 2 super accounts |
94% |
95% |
95% |
95% |
|
Individuals with 3 or more super accounts |
6% |
5% |
5% |
5% |
Note: The super health check includes step-by-step instructions on how to search for lost and ATO held super on ATO online services through myGov. To start, download the super health check (NAT 75486, PDF 204KB)This link will download a file .