Superannuation is a long-term savings plan designed to provide an income after retirement from paid work.
Every person that is over 18 years of age and earns more than about $450 per month has 9.5% per cent currently taken out of their salary, and thats expected to rise to about 12 per cent gradually over the next few years.
While 17 million Australians currently contribute to a superannuation account, Dr Rafferty says some miss out on this saving because they are getting paid cash-in-hand or a small amounts of money in part-time jobs.
The Association of Superannuation Funds says as at December 2015, Australias superannuation savings were worth just over $2 trillion dollars.
Australia has a large number of super funds to choose from, and, in most cases, employees can nominate where their super goes and who looks after their savings.
If no selection is being made by an employee, the employer will make a choice.
Not all super funds are the same and its important to check their performance.
The Super Co-Contribution applies for low and middle income workers who earn less than $51-thousand dollars per year and makes extra super contributions the government tops-up another $500 per year tax-free.
Consolidating super accounts in another way to boost savings.
The Australian Securities and Investment Commission says consolidating super saves on fees, reduces paperwork and makes it easier to track super funds.