We surveyed 3,100 university students in 2018 and asked them to rate their knowledge of superannuation. They scored themselves an average of only 2.5 out of 10. And this was uni students aged up to 25!
The lost decade of super
This lack of knowledge is costing high school students’ real money. We find many Australians realise around the age of 25 or 26 that their superannuation is a mess. They have now wasted around ten years, with lost super, duplicate accounts and with low balance accounts that have eroded to zero.
While this decade might be the one with the lowest contributions, sadly it is also the decade that will compound the longest.
If high school students can improve their knowledge and get their superannuation organised from their first casual job, they can avoid this lost decade of super.
High school careers advisors have a great opportunity to improve this situation.
A small improvement in knowledge among high school students could have significant impact on them financially.
The key change is to educate students about their FIRST DAY at a new job. This is where so much is going wrong. They don’t know what details to bring and they don’t realise that if they don’t have any details their employer has the power to open a new super account for them.
Key educational messages:
1What is superannuation?
2What you need to bring on your first day at a new job.
3How to read a payslip.
Education pack – coming soon
Student Super is in the process of developing an education pack around these key topics.
If you would like our CEO Andrew, to visit your school and do a 30 minute presentation on “How to mess up your super” send an email to email@example.com.
The talk covers:
A self-test quiz
What is super
What you need to your first day at a new job
Practise actually completing example forms
How to read a payslip
How to mess up your super
Keep in touch
If you would like to be sent one of our education packs, or stay in contact with future educational topics around superannuation, join our careers advisor contact list below.
This is general information only and does not take account of your individual investment objectives, financial situation or needs. Before acting on it, consider if the information is appropriate and whether you need to speak to an accredited professional.
You should also consider the Product Disclosure Statement before making any decision. This product is issued by Tidswell Financial Services Ltd (ABN 55 010 810 607, AFSL No. 237628, RSE L0000888) as trustee for Student Super Professional Super which is a sub-fund of the Tidswell Master Superannuation Plan (ABN 34 300 938 877, RSE R1004953). Student Super Professional Super Pty Ltd (ABN 31 617 160 791; AFSL No. 499786) is the Founder and Promoter of Student Super Professional Super which is marketed under two brands; Student Super and Professional Super.
Past performance is not indicative of future performance.