Gen Y super interested

21 April 2016
| By Jassmyn |
image
image
expand image

Gen Y are more in tune with their superannuation fund than Gen X, according to an ING Direct report.

The report found 41 per cent of Gen Y said they specifically chose their super fund, compared to 35.7 per cent who automatically went with their employer's fund and 13.9 per cent who consciously decided to stay in their employer's fund.

Only 35.3 per cent of Gen X specifically chose their fund, while over 40 per cent automatically went with their employer's fund, and eight per cent consciously decided to stay in their employer's fund.

"While the research shows individuals generally don't think too much about their super, the majority of Gen X looks at their super balance at least annually, and millennials check their balance more frequently," the report said.

"Again this debunks the myth that millennials aren't interested in saving for retirement."

The most attractive features for both generations were no fees, low feels, competitive investment performance, trusted brand, and simplicity.

ING Direct national partnerships manager for wealth and residential, Tim Hewson said advisers should then recommend products and services that include low and no-fee options, simple products, and to educate clients about fees and the performance of fee-based products.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

12 hours ago

Super funds had a “tremendous month” in November, according to new data....

4 days 11 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 16 hours ago