Super: Young people care more than they are given credit for

A new survey has found that many young people care far more than anyone gives them credit for about their superannuation. The survey by Club Plus Super 'Super Future' got responses from over 500 people aged between 18 and 36, with 87 per cent saying that super should be taught at school, and that they plan to educate their own children about superannuation. 

Club Plus Super new members are largely young people in the hospitality industry. 

Acting chief executive of Club Plus SUper, Stefan Strano, said, “It’s no surprise that asking young Australians to contribute more towards something they cannot access for many years into the future comes with its challenges, but when we delved deeper, this group proved more interested in super than many give them credit for, albeit on their terms."

Almost half of those surveyed said they chose their own super fund, while 60 per cent said they believed that the time for caring about superannuation was 'right now' or 'as soon as possible'. 

Respondents were asked what they would do if they were given $5,000, and 36 per cent said they would pay off debts, 23 per cent said they would save for a home deposit, and eight per cent said go on holidays, and three per cent said go shopping. Only four per cent - quite high all things considered - said they would put it into their superannuation fund. 

About 20 per cent of respondents said they wanted their superannuation invested in a way that was good for the environment, while 45 per cent said they wanted it invested however got them the highest return.

Findings of interest:

  • Almost 80 per cent said they were not taught about superannuation at school
  • Forty-eight per cent said they would turn to someone in their family for information about their finances
  • Thirty-one per cent said they would turn to a partner
  • About 18 per cent said they would go to a financial planner
  • Twenty two per cent said they would find their information from Google
  • Forty-three per cent said they would possibly take advice about superannuation from social media if they were comfortable with the source
  • Fifty-seven per cent said they spend between one and five hours on social media every day, with about seven per cent saying they do not use social media
  • Over 73 per cent said they did not know how much they needed to retire comfortably