Why your kids need help with their super

Stop the "Lost Decade of Super"

Young people are typically disengaged with super.
It is really common for them to only realise that their super is disorganised when they reach their late twenties.
They then regret that they didn’t get their super organised from the start, when they were 16, 17 or 18, or earlier.
Instead they have a "lost decade of super".
It’s the result of:
  • High fees eroding low balances
  • Inappropriate, unrequested life insurance
  • Duplicate accounts from multiple jobs
  • Lost and inactive super accounts
This first decade will be the decade where the contributions compound for the longest period of time.

It’s not the decade to waste.

Protect small super balances from high fees

Balances eaten by fees

Many young people get their first job over the summer holidays. Most will just leave it up to their boss to choose a super fund for them.
At the end of the holidays they might have a few hundred dollars in their super account. The super fund then charges them fees to manage their account. Because their balance is low, the fees and other costs can quickly erode their funds.
This can repeat with each summer, if they open a new fund with every new job.
Each summer a new account is opened, a small balance is deposited, but it eventually gets eroded by fees.
And it’s a common problem for young Australians.

Our solution: zero fees for balances under $1,000

This means your child can build up a super balance, without fees eroding the balance.
We also provide a 50% discount to our flat dollar administration fee for all members with a balance between $1,000 and $4,999, helping your child get ahead.
After this our fees are $78 and 0.99% of their account balance p.a. For more information about fees check out our fees page.

Your kids could be charged for life insurance

Life insurance can be great, especially if you have kids. But what if they are 17 and working a casual job? Does it make sense to be paying for life insurance?
The Federal Government proposed changes to “stop superannuation funds from forcing young people under 25, or with low balances, to pay for life insurance policies they have not asked for or do not need”*, however the proposed changes weren’t implemented.
Default super funds will generally automatically provide life insurance to all members, and charge extra fees for this. Because it’s automatic, many young people are completely unaware that they have insurance cover and are being charged a premium for it.
Worse, if your child has multiple super funds, they may end up with duplicate insurance and fees.
*Scott Morrison, 2018 Federal Budget Speech

Life Insurance

Student Super does not offer life insurance (which helps protect your balance from being eroded by fees).

Parents are key to their kid’s financial future

It’s tough being parents. You do your best to set your kids up to have the best start in life.
You’ve been there for your child at every stage of their life. From their very first steps to their first day of school.
You helped them pick which subjects to study, you taught them to drive, you probably even helped them open their first bank account.
We have one more thing to add…
Help your child get their super organised from the start.
Right now, you are the only person who both cares about them, and understands that super can make a significant difference to their life.

You’re not just their parent, you’re their #1 financial guide!

Help your child get their super organised from the start.

More questions - we’re here to help

I’m Taylor from the support team at Student Super. Our team can answer any questions you have. Chat with us online or send us an email at hello@studentsuper.com.au.