CFS targets Millennials
Colonial First State (CFS) has added a new superannuation investment option designed for people born in the 21st century.
The First Choice Lifestage 2000-2004 option is available on CFS's FirstChoice platform and has investment settings currently biased toward growth assets (90 per cent), with 10 per cent in defensive assets.
CFS general manager for product and investments, Peter Chun, said "younger members have time to ride out the ups and downs of investment markets, so their super is invested in growth assets, like property and shares".
"These assets have a greater potential to deliver higher returns over time and therefore grow the member's retirement savings above inflation," he said.
Chun said there were 12 life stage options ranging from Baby Boomers through to Millennials and had $3 billion in assets in the options.
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Super funds have extended their winning streak, with balanced options rising 1.3 per cent in October amid broad market optimism.
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