Super blind spot: one in three Australians don’t know their super balance, one in nine have never checked

Key findings from new CommBank Financial Fitness research:

• Superannuation gaps: A third of Australians don’t know their super balance (33 per cent) and two thirds aren’t confident they’ll have enough to retire comfortably (63 per cent), with one in nine (11 per cent) having never checked their balance at all. Around one in three (31 per cent) don’t know how their super is invested, and this uncertainty jumps up for women and Gen Z (both 46 per cent).
• Where there’s a will, there’s a way: Less than half (45 per cent) of Australians currently have a will and fewer than one in three (31 per cent) say theirs is up to date.
• The art of budgeting: While over half have a budget (58 per cent), many Australians either find it ineffective (40 per cent) or simply struggle to stick to it (32 per cent). Among those who do budget, only 17 per cent use digital money management tools while 27 per cent use spreadsheets and 23 per cent figure it out ‘in their heads’.
• Younger generations most financially stressed: Younger Australians are more likely to track their spending and have a plan to grow their money but still feel the most financially stressed (59 per cent) and least confident (42 per cent) compared with older generations, according to the CommBank Financial Fitness Report.
• Goals being set, but hard to achieve: While almost all Australians say they have financial goals (95 per cent), only half feel confident they can achieve them (52 per cent) or that they can enjoy life because of the way they manage money (50 per cent). 

Free CommBank Financial Fitness program launched to help

CommBank has launched a free Financial Fitness program – a practical, expert-led initiative to help Australians build their financial knowledge and confidence. The curriculum covers topics such as ‘building your savings muscle’ and ‘stretching your money mindset’, with guidance on everything from creating an emergency fund to investing or buying a home.

Drawing on behavioural insights such as ‘chunking’, the ‘fresh start effect’ and ‘social proofing’, the five part ‘actions-based’ Financial Fitness program is designed to help Australians improve both their Financial IQ and EQ. The program is available for free to all Australians – no matter who you bank with.

Comments from CommBank Personal Finance Expert

Jess Irvine, CommBank Personal Finance Expert, said: “Many Australians are doing their best, but still feel unsure about key parts of their finances – from how much super they have, to the best ways to budget. The truth is, being financially confident doesn’t mean having it all figured out. It means being informed, asking questions, and taking small steps forward.

“That’s what our Financial Fitness program is about, because when you understand your money, you’re better placed to make decisions to shape your financial future. For some, it could be improving simple things – like sorting out a will or your super – to help protect your assets now and as they grow. For others, it might be a subtle money mindset shift to build better financial habits. No matter what stage of life you’re at, small actions can lead to greater confidence in your financial choices and the freedom to focus on what really matters to you.”

Other insights from the research

The research also highlights how our financial habits are changing with the current cost of living and as we get older, including: 

• Cost of living sparks a new generation of savvy shoppers: Australians say cost of living pressures have motivated them to look for ways to save money on everyday items (63 per cent), as well as using discounts and reward programs (60 per cent), spacing out or reducing regular appointments (43 per cent).
• A problem shared is a problem halved: Almost half of the nation (47 per cent) avoid talking about their financial situation with loved ones, with 15 per cent of this cohort simply not knowing how to start the conversation. Other reasons include feeling uncomfortable (38 per cent), overwhelmed (23 per cent) or embarrassed (19 per cent). As we age, we get less embarrassed to talk about finances (26 per cent aged 18-29 years old versus 12 per cent aged 60+ years old).
• Financial confidence is in reach: Almost two thirds of Australians (62 per cent) say there is at least one thing stopping them from becoming more financially confident, such as they don’t know where to start (23 per cent), the jargon is confusing (20 per cent) and they don’t have time to learn about money (13 per cent).

Do you know how financially fit you are? Watch the video below to take this test and find out.

Brighter Side of Banking

The Financial Fitness program is the next evolution of CommBank’s Brighter Side of Banking, which already includes Brighter magazine, online content and a TV series, offering tips and inspiring stories on money management, cost-of-living support and financial confidence. 

With the Brighter TV content reaching more than 10 million across all platforms, 80 per cent of viewers say they took action and put into practice one learning after watching the show. 

For more information or to access the Financial Fitness lessons visit commbank.com.au/financialfitness.

CommBank Financial Fitness Research commissioned March 2025, national representative sample of 3,146 respondents. 

The information in this media release and the Financial Fitness program provides general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as personal financial product advice. As the information has been provided without considering your objectives, financial situation or needs, you should, before acting on this information, consider if it is appropriate to your circumstances. You should also consider whether seeking independent professional legal, tax and financial advice is necessary. 

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