New research into the views of superannuation fund members under 40 has found around 60 per cent are actively engaged with their fund and close to half would like to completely self-manage their retirement savings.
The research, conducted by Next Gen Investor Research and commissioned by digital brokerage Stake, found that of the 1000 people aged between 18 and 40 who were surveyed, 59 per cent engaged with their savings and 44 per cent wanted to self-manage those funds.
Additionally, 77 per cent were open to moving their superannuation into a non-traditional fund, including away from industry super funds, while 24 per cent were not confident in the future of their super fund.
The report also found 81 per cent of those surveyed were investing with advice or management from traditional brokerage providers, and 62 per cent had invested in stocks, 43 per cent in cryptocurrency and 40 per cent in the property market.
Stake noted that while the rate of self-investing was high, younger investors looked to the ‘collective’ to validate and guide financial behaviours and 87 per cent would consult an online source before making an investment decision.
“The report revealed the rise of the ‘online investor’, with 68 per cent of young investors (aged 18 to 29) influenced by social media versus 55 per cent of those aged 30 to 40. More than a quarter (28 per cent) of males would value the opinion of Musk, Bezos or Gates for new investment opportunities, versus just 15 per cent of females,” it said.
Stake chief executive Matt Leibowitz said the research shows younger investors are looking for new and alternative financial opportunities and creating their own pathways into superannuation and investing.
“Young Aussies are forming their own path and opinions when it comes to how money affects and drives their future. The idea that share markets are for the few is dead,” Leibowitz said.
“This new generation has demanded better, faster, more seamless access to all things across many categories. Investing in shares represents their opportunity to take matters into their own hands and feel savvy and in control of their progression, making decisions themselves without advice from someone in a suit.”
