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One in 10 switch super to more conservative option
More than one in 10 Australians (11%) switched their super to a more conservative risk profile in the last six months, according to a nationally representative survey of 722 Australians by Finder.
“These downturns don’t last forever – share markets have always recovered and gone up over the long term,” superannuation expert at Finder, Alison Banney, said.
“If you switch your super to a more conservative option after the market has already fallen, not only are you locking in that loss, but you also risk missing out on the rebound when the market recovers.”
The survey also found that 8% of Australians switched their super to a more aggressive risk profile in the past six months.
Gen Y super fund members (between the ages of 28 and 42) were particularly active, with more than a quarter (27%) switching their risk profile – 17% chose a more conservative fund, while 9% switched to a more aggressive fund.
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