A study conducted by YouGov on behalf of AustralianSuper, surveying 1,000 Australians aged 18 to 43, found that a significant 74% of respondents have shown heightened interest in their superannuation. Moreover, a quarter of these young adults have taken initiatives to broaden their investment horizons by venturing into shares and other asset classes.
The financial unpredictability of recent times has prompted 94% of participants to acknowledge the importance of superannuation for a stable retirement. Furthermore, 78% equate the importance of actively managing their super with caring for their physical well-being. These statistics point to a shift in perspective towards holistic health that includes financial stability.
According to Shane Hancock, General Manager of Retirement at AustralianSuper, "Gen Z and Millennials are not just focused on the here and now – they're planning ahead. They recognise that engaging with their super is critical to future-proofing their finances." Such insights confirm a growing awareness among young Australians about the importance of planning early for retirement.
To support their members, AustralianSuper has been advancing various tools and resources designed to assist members of all ages in making informed financial decisions. User engagement data highlights an increased use of these tools, with over 600,000 Gen Z and Millennial members interacting with AustralianSuper's app over the past year. Notably, tools such as the Super Projection Calculator have been used 316% more by Millennials over the past five years, with Generation Z also showing a near sevenfold increase in usage.
"The fact that Millennials and Gen Z are embracing online planning tools shows they want to take control of their super in an accessible and informed way. We're always listening and improving our member experience so managing your super is easier than it's ever been," Hancock continued.
This increased engagement among young Australians underscores a willingness to adopt technology and proactive strategies in managing their superannuation, which could lead to enhanced financial literacy and greater control over their financial destinies.
With the findings from the original AustralianSuper survey, as covered in the source research by AustralianSuper, providing a clear outline of current behaviors and future intentions, it’s evident that the tides may be turning in how newer generations view financial security.
