In the past nine months, 62.1 per cent of SMSF entrants were aged between 34 and 54, compared with 36.6 per cent of the SMSF entrants in July last year, according to CoreData’s Trends in SMSFs report.
Those aged 25-34 make up 11.1 per cent of new SMSF members, compared with 4.0 per cent a year ago, CoreData stated.
In addition, 29.9 per cent of new SMSF members as of March 2014 were aged 35-44, compared with 12.7 per cent in July 2013.
The report also stated that higher income earners are making up an increasing proportion of new SMSF members, with 20.5 per cent of new SMSF members earning between $100,000 to $200,000 in March 2014 compared with 14.4 per cent in July 2013.
New SMSF members in the two lowest income groups fell from 42.2 per cent in July 2013 to 27.4 per cent in December 2014 as a proportion of all new entrants, CoreData said.
New SMSF members have also become more “affluent” in the past nine months, CoreData stated, with 20.5 per cent of new SMSF members earning between $100,000 and $200,000 in March 2014 compared with 14.4 per cent in July 2013, representing a total of 2,333 new members.
SMSFs are looking to invest offshore, with growth of investments in overseas residential property, non-residential property, shares and managed investments outstripping overall asset growth of two per cent in the past quarter.
I think the headline word should be ‘Dramatic’ not ‘Drastic’ dramatic means sizeable change, drastic means the change is not good. I would have thought that an increase in Gen X, becoming more financially competent and taking responsibility/control for their future financial independence is a good thing!
Can an Australian citizen buy a residential property in the USA and include this as part of he SMSF assets?