Markets plunge wiping tens of billions of dollars off super balances | The Business | ABC NEWS

The war in the Middle East is escalating, with more attacks on critical energy infrastructure driving oil and gas prices higher. The shock and awe has been a reality check for financial markets. Tens of billions of dollars was wiped off the S&P/ASX 200 on Thursday. The Australian share market has now lost roughly 7 per cent of its value ($250 billion) since the war began. Anyone with superannuation is exposed to movements in financial markets. Super Ratings director, Kirby Rappell, says now is when people start to worry whether they should be move their money to cash, saying "I think that we always find when we see this sort of discussion around a lot of market volatility, people being tempted to switch into cash. I think you can call your super fund and have a chat and sort of understand or get some insights from them or even some advice. Typically, moving to cash is easy. Figuring out when to move back is hard."
Director of private credit at Aura Group, Brett Craig, says "be careful not to sell out at the bottom and crystallize your loss. hold your nerve, markets will, as we've seen in the past, revert to the mean."
The process of moving your super savings away from shares and more towards cash can take a little as couple of days but experts warn people should seek their own personal financial advice before making major investment decisions.
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