Why More People Are Choosing Self-managed Super

According to statistic experts, by far the most popular reason for people to set up self-managed super is that fact that they have more control over their investments. They can do their research and choose where to put their money, rather than having no, or little choice in the matter, as with managed funds. This could be because generally people don't trust others with their money, even if those others are professionals. Let's face it; even professionals make mistakes.

The next biggest reason for setting up self-managed super is due to the poor performance of managed funds. In fact, 36% of people cited poor performance in the managed fund as the main reason they got into self-managed super. While advice from an accountant or financial planner had a big impact on the decision to get into self-managed super, another factor is that people had only to take a look at the fees they were being charged for their managed fund. People are not stupid and it doesn't take much imagination to work out what you can save in fees by having your own self-managed super.

A smaller percentage of people wanted to set up their own self-managed super so that other family members could be helped. Just imagine what four people could save on fees from four different managed super accounts. Adding all that money to just one self-managed super fund would certainly see the savings mount up.

By: Mel C

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Mel writes about self-managed Super, self-managed Superannuation and other finance topics.