Generation Y Clueless About Super

 

A recent article highlighted that the vast majority of young workers have no idea and no care about superannuation.  Whilst it is understandable that when you first start out in the work force your retirement income is the last thing on your mind, it is important. The decisions you make and actions you take early in your career can have a large impact on your future.  Given so many younger workers have a large disposable income whilst living at home with minimal expense it is actually an ideal time to take an interest in superannuation

 

AN alarming number of Gen Ys have no idea about super, with many letting their employers control their retirement savings.

Inertia around superannuation apathy remains a huge issue among the younger generations and new results show most Gen Ys, who couldn’t care less about life after work.

New Research by REST Industry Super, one of the nation’s largest funds with more than 1.9 million members, found more than half (54 per cent) of respondents let their employer choose their super fund.

It also showed about one in three respondents (37 per cent) have no idea about how much money they have accumulated in their super.

REST chief executive officer Damian Hill says the disinterest by younger Australians about retirement is an ongoing issue and grabbing their attention remains an uphill battle.

 

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