Younger Australians investing more in their super

The Equip research showed that almost half of the respondents overall (46 per cent) have made voluntary super contributions, with as many as 2 in 5 (39 per cent) starting before they hit their 30s. 

According to the super fund, the pandemic has seen superannuation become a greater priority for both millennials and 'Zoomers' with almost half or 47 per cent of 18–24 year old Australians regarding superannuation as more important now than since the start of the pandemic.

Equip chief executive Scott Cameron said while the pandemic was undoubtedly a challenging time for all, the under-35s were hit especially hard. 

The Equip Super survey found that a third of respondents in this age group lost working hours during the pandemic, while almost one in seven lost their jobs or were granted a leave of absence.

However, the research also found that around a third of Australians actually had the opposite experience, emerging from the pandemic with more income or disposable income than they did at the start of the pandemic, at 28 and 27 per cent respectively.

Of the 27 per cent of working Australians who reported having more disposable income today than at the start of the pandemic, 35 per cent were 18–34.

Mr Cameron said young Australians are likely to start investing this money, with 29 per cent of under 35s investing in super or other investment products for the first time during COVID-19 and 28 per cent planning to begin investing money into super in the near future.

The survey indicated there is still a small segment of 18–34s that are still relatively oblivious to how much they have in super.

“It is never too early to start thinking and planning for long-term milestones such as retirement. The easiest way to make a start is to see how much you already have saved, and how much extra you can afford to commit to making additional contributions,” said Mr Cameron.