Welcome to SuperStart, a super toolkit for Gen Z based on what you’ve told us in our Gen Z Financial Savviness survey 2021.
We get it, superannuation is easy to ignore. When you're young, retirement feels like forever away. Growing your retirement savings — money you won't touch for 30-40 years — isn’t much of a focus. But getting on top of your super while you’re young can make a big difference down the track.
We explored the financial preparedness, knowledge and behaviour of Australia’s newest generation in the workforce as they face financial decisions about selecting their super, budgeting, spending and saving, exploring investment portfolios and beyond — many for the first time.
Use our key insights and practical tips to get on the path to a future you can look forward to.
Gen Z & finance
YOU’RE KEEN TO LEARN,
ON YOUR OWN TERMS
What you told us- 56% of Gen Z seek financial advice from their parents
- 60% of Gen Z use YouTube as their social media platform of choice to source financial advice
- Only 12% of Gen Z get advice from their super fund meaning 88% are missing out on support
- 69% of Gen Z don’t expect employers to provide support with their financial habits
YOU’RE FINANCIALLY SAVVY,
BUT STRUGGLE TO SAVE
What you told us- 1 in 4 would rather scroll through social media than spend time on their finances
- Half of Gen Z don’t think they’ll be able to retire until they’re over 65
- 55% of Gen Z said COVID changed their attitudes and behaviours towards money
- 70% of Gen Z are likely to use a budgeting tool
YOU ARE NOT
"SUPER" STRESSED
What you told us- 55% of Gen Z don’t choose their own super fund — they hand the power to their employer
- 41% don’t care who they hold their super with
- Half of Gen Z doesn’t know the current super guarantee rate
- 77% of Gen Z doesn’t know what super stapling means — and how it affects them
YOU UNDER-ESTIMATE
THE POWER OF SUPER
What you told us- 1 in 4 Gen Zers are relying on inheritance for their retirement
- 75% of Gen Z don’t associate superannuation with finance
- 47% of Gen Z are relying on super when it comes to planning their retirement
INVESTING
IS ON TREND
What you told us- 1 in 3 Gen Zers wants advice on how to invest
- 31% of Gen Z said COVID made them want to explore investing
- 73% of Gen Z saved more during COVID
- Only 15% of Gen Z want to invest more in super — 75% missing out on the benefits of compound interest
MOST ENVIRONMENTALLY AND
ETHICALLY AWARE GENERATION
What you told us- 19% cite ESG as a top 3 reason when picking a super fund
- 68% believe fin service providers can impact climate change
- 89% are more likely than other generations to invest ethically
- 3 in 4 would consider moving investments if company’s values don’t align
The right advice could change your life
Wherever you are in life, there are always decisions to be made. When you need to think about your super — and take action — we’re here to help. Book an individual meeting with an NGS superannuation specialist to make the most of your super. You can choose to meet virtually or over the phone, whichever way suits you best.
Become an NGS member
Creating your best possible future starts here and now. Join NGS Super today and get your tomorrow on the right track. Join nowThe study was conducted online between 3–8 June 2021. The sample comprised a nationally representative sample of 1,002 Gen Zs aged 18–24 years.
