The survey, which polled 1,000 working Australians, found that 49% have neither made nor plan to make extra contributions to their superannuation accounts before the end of the financial year. This lack of action comes despite the potential benefits of reducing their tax bills and boosting retirement savings. Affordability emerged as the primary barrier for many Australians, with a substantial 72% citing financial constraints as the reason for their inaction.

Robert Francis, Managing Director of eToro Australia and Spaceship, shed light on the impact of current economic conditions on individuals' financial decisions. "The EOFY window is one of the few moments each year where Australians can actively boost their retirement savings and potentially reduce their tax bill, yet our research shows almost half are letting it pass by," Francis stated. "For many, that is a question of affordability, with cost-of-living pressures leaving little room to put extra aside."

The survey results also indicate that only 17% of respondents have contributed above the mandatory minimum, while 24% plan to do so but have not yet taken action. Among those who are topping up their superannuation, 62% cited the desire to maximise their retirement funds as a key motivator, and 44% pointed to the tax benefits on offer.

However, the research also uncovered a knowledge gap that is preventing some Australians from making additional contributions. Francis highlighted this issue, saying, "For the one in five who say they simply do not know enough to act, that is a gap we can close. Even small, regular contributions made consistently can make a meaningful difference to a retirement balance over time, and understanding the options before June 30 is the first step."

The lack of knowledge about superannuation options was cited by 21% of those who have not made or do not plan to make additional contributions. This highlights the need for increased education and awareness around the benefits and options available for boosting retirement savings.

These findings underscore the challenges faced by many Australians in taking advantage of the end-of-financial-year superannuation contribution window. With affordability and lack of knowledge identified as the main barriers, there is a clear need for both financial education and support to help individuals make informed decisions about their retirement savings.

As the June 30 deadline approaches, financial experts are urging Australians to consider the long-term benefits of making additional superannuation contributions. By taking advantage of this opportunity, individuals can not only enhance their retirement savings but also potentially reduce their taxable income.

For those who are unsure about how to proceed, seeking advice from financial professionals or using resources provided by superannuation funds can be valuable steps in understanding the options available. With the right guidance, Australians can make informed decisions that will positively impact their financial future.

The survey commissioned by eToro and Spaceship highlights the need for increased awareness and action among Australians regarding their superannuation contributions. As the end of the financial year approaches, individuals are encouraged to explore the benefits of making additional contributions and take steps to secure their financial well-being in retirement.