Generation Y (1980s – 2000s) need further super understanding, according to several super awareness campaigns conducted by REST Industry Super. 7 out of 10 respondents do not have any thoughts about their super and 1 in 10 people are unaware of their super schemes. 46% of the respondents cannot explain what superannuation is. Two thirds of the respondents have handled a superannuation fund.
Superannuation awareness is just a portion of the issue, as these people should be thoroughly educated about finance in general. Financial literacy, including superannuation should be strictly disseminated and made available to the public as their financial decisions now can greatly impact their financial status in the future.
Read more about this on the Money Management website.