More young Australians start super early
Recent analysis of member data from QSuper has confirmed that a growing number of young Australians start accumulating their super earlier.
The data showed that the number of 18-year-old members increased by 24 per cent over the past four years, with the average balance of those members standing at around $1,200.
At the same time, the survey showed that family and friends were the number one source for information about finances for 86 per cent of respondents aged 18-24.
QSuper’s chief of member experience, Jason Murray said that since super was more relevant for young people they could benefit from a better understanding of super before they left school.
“With more schools incorporating financial literacy into their curriculum, and plenty of valuable online resources like ASIC’s MoneySmart, young Australians are better equipped than ever to be smart about their super, but we know their most influential source of financial information is closer to come,” he said.
“Given the importance of family and friends as a source of information, we encourage parents who have teens and young adults to teach them the Super 6Rs, a checklist to provide quick and easy lessons in superannuation.
“For an 18-year-old, $1,200 is a significant-sized balance so it’s important for them to make sure they understand what super is, how it works and how they can easily grow their balance over the long term with not a lot of effort on their part.”
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
