Gen Y often disregards the importance of Superannuation.
One of the primary reasons is probably the lack of understanding of how superannuation works. The Australian super system is very complex. You’ve got the retail funds, you have industry funds, you have self-managed super funds. So you’ve got a number of different options and a plethora of different actual funds out there, all basically trying to do the same things that really, don’t provide the same solutions. So there’s a lot of different vehicles. It is important to remember that superannuation was only brought into the mainstream some 20 years ago and, therefore, Gen Y’s will be the first to have a full work life of 40-50 years in which they have accumulated superannuation assets. At the end of the day, for a lot of Gen-Y workers, their superannuation is probably going to be one of the biggest assets come retirement.