Here's how to get free advice from your super fund

If you can't remember the last time you checked your super balance (or who your fund even is) you're not alone.

New research from AMP has found that more than one in four Australians have never engaged with their super fund, and almost half only check in once or twice a year.

The findings reveal 27% of Australians either don't know who their provider is or have never interacted with them, helping explain why AMP's latest Retirement Confidence Pulse score sits at just 50 out of 100.

AMP chief executive Alexis George says the results should serve as a wake-up call for the nation.

"Millions of Australians are set to retire in the coming decade, shaping our economy and society for years to come," she says.

"Yet despite national wealth, a maturing super system and growing balances, too many don't have financial peace of mind about their retirement."

What is intra-fund advice?

With misinformation about superannuation spreading online, one of the most reliable sources of information about your retirement savings is your own super fund.

Yet only one in ten Australians know what intra-fund advice is, AMP's research shows - and awareness drops to just 7% among those aged 50 to 64. Most say they'd use it if they knew it existed.

Intra-fund advice is free guidance provided by your super fund to help you make decisions about your super - like adjusting contributions, choosing investments or setting up transition-to-retirement strategies.

Unlike traditional financial advice, which can cost hundreds or even thousands of dollars and covers your entire financial situation, intra-fund advice is limited to your existing super account.

New rules have been proposed to make this distinction clearer and improve access to the right kind of financial support.

But Julie Slapp, AMP Super's director of growth and customer solutions, says too many Australians are unaware of the help already available.

"Small steps - like checking your fund details or talking to your provider - can build confidence and unlock the full benefits of compounding returns," Slapp says.

"We know that as little as an extra $20 a week put into super can grow to around $98,000 over 30 years through compounding, yet more than half of Aussies under 40 don't understand the concept."

The money talk that never happens

The research also highlights a "generational silence" around money.

More than four in five Australians over 50 said their parents never discussed or shared lessons about savings or retirement.

"Money is often, and understandably, a taboo topic within families," Slapp says.

"But shared learnings - especially from those already in retirement - can make a huge difference to future financial wellbeing."

The barriers to engagement

Despite most funds offering free guidance, cost remains the top perceived barrier to seeking financial advice. Other key findings include:

Low engagement: While one in four never engage with their super provider, 44% only check in once or twice a year.

Untapped support: 70% would use intra-fund advice if they knew it was available.

Late starters: 74% of Australians aged 50-64 wish they'd started saving earlier.

Financial literacy gap: 94% believe money education should be taught in schools.

Three simple ways to get started

1. Log in and check your fund. Know who your provider is, check your investment mix, and consolidate multiple accounts if needed.

2. Ask about intra-fund advice. Most major funds offer free phone-based or digital financial advice.

3. Start the money conversation. Use your annual statement as a springboard to talk about super and retirement with family.

"It takes hardly any time to review your fund online - and that small step could make a meaningful difference to your retirement outcome," says Slapp.

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