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Gen Z and Millennials have begun to take greater interest in their superannuation as cost-of-living pressures persist, according to research by AustralianSuper.
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Interest in super surges across Gen Z, Millennials
17 December 2024
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Young Australians have been forced to rethink their financial priorities, such as the health of their superannuation fund, based on the persistence of economic challenges.
Research conducted by AustralianSuper revealed that 74 per cent of Gen Z and Millennials had taken a greater interest in their superannuation as funds and cash flow had become tighter.
AustralianSuper general manager of retirement, Shane Hancock, said the trend reflects the resilience and foresight of younger Australians.
“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,” Hancock said.
“Planning for retirement might be a long way off but it’s never too early to see how small actions today can make a huge difference tomorrow, which is why we’ve developed the tools and resources to help members at any age, to feel empowered and in control of their financial future.”
The research also found 52 per cent were cutting down on everyday expenses, 26 per cent had delayed major purchases and 26 per cent had invested in shares and other assets.
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Ninety-four per cent of Gen Z and Millennials said they believed super was crucial for financial health in retirement despite economic uncertainty.
Seventy-eight per cent said engaging with their super is just as important as looking after their physical health as it was a sign of the evolving attitude towards financial wellness.
The research highlighted the use of the fund’s app by 600,000 Millennials and Gen Z members who had taken interest in managing their super, 50 per cent more than Gen X and Baby Boomers.
The Super Projection Calculator also recorded a surge in usage, with Millennial engagement up by 316 per cent over the last five years.
Hancock said Gen Z was the fastest-growing group using superannuation tools, with engagement nearly seven times higher than five years ago.
“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.”
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