Gen X and Y missing on Superannuation: ASFA

Younger Australians are missing out on thousands in future retirement savings, according to the Association of Superannuation Funds of Australia. A recent research shows that almost 50% of Generation Y and around 40% of Generation X have yet to consolidate their superannuation accounts. The sad part is that one out of five of participants are unaware how to do so.

1 out of 5 participants are also unaware on how to process lost or unclaimed superannuation. 60% of the respondents have never heard of SuperSeeker, the Australian Tax Office online service.

Retirement may be a concern for the future, but educating the younger generation of the benefits and processes involved in superannuation will save one a lot of trouble and hassle. These issues should be addressed, before it’s too late.

Read more about this on the Money Management website.

Author: Dorian Traill

Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

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