Interest in super rising among younger Australians
There has been increasing interest in superannuation among Australians in the 18 to 24 age group, according to the BT Australian Financial Health Index.
The nationwide survey covered 4,450 Australians and shows that Australians aged 18 to 24 are taking a greater interest in their superannuation and also seeking other forms of investment.
BT general manager of superannuation Melinda Howes said this was an encouraging finding since thinking about retirement savings is typically the domain of the over 55s.
“With superannuation, the earlier you start to save the more you benefit from the compound interest,” she said.
“With many young people feeling that they are being locked out of the property market by high prices, it is heartening to see they are finding other ways to achieve financial security.”
Ms Howes said this positive attitude was reflected in personal financial health ratings where there had been a significant increase amongst the under-25s and over-45s but a decline amongst those aged from 25-44.
The survey also indicated that the number of Australians with a regular savings plan has increased from 43 per cent in 2013 to 48 per cent this year and the number who complete regular budgets has risen from 40 per cent to 51 per cent.