Adulting with your super: need to lift your game?

Being a young adult is a great time in your life: a never-ending social life, discovering the world and finding your place in it. But while you’re busy living in the present, have you ever thought about your future? Maybe the near future, but probably not retirement because that seems so far into the future. It’s for this reason that super is so often overlooked by many young Australians, which can have serious consequences down the track.

Ignore super at your peril

If you don’t think much about your super, you’re not alone. Research shows that even though most people have a super account, young Australians don’t take much interest in their super. 

In fact, research by ASFA and the Australian Bureau of Statistics shows that young Australians have more money in their super account than in their bank accounts – with only 10% having only a vague idea of what their super balance is, and a whopping 40% having no idea of how much they have in super!+

Super vs bank accounts

Plus, many young Australians have several super accounts which is unfortunate as they’ll be paying several sets of fees and possibly paying for insurance cover they can’t use.

Youth and super

The bottom line here is that not thinking about your super now can really cost you later on in life. 

+ Source: ASFA media release: More money in super than in the bank – young Australians’ hidden super wealth -

So why should you ‘adult’ with your super?

There are many reasons why you should stop what you’re doing and take a few minutes to look into your super. The most compelling reason is because you have time on your side …

... time to accrue the most in contributions
… time to ride out the highs and lows of a higher-risk   investment strategy
… time to benefit from compounding investment returns on a steadily growing account balance.

You’ll be receiving employer super contributions for a long time (now 9.5% of salary and earmarked to gradually increase to 12.0% by 2025 so you’ll be getting even more in super). On top of that, young Australians have the longest investment timeframe – in other words, you have the best opportunity to save for the longest time and to benefit from strategically investing your super. When you factor in the magic of compounding returns, it’s a trifecta! 

Which begs the question: why on earth wouldn’t you adult with your super in order to reap the long-term benefits?

Things you can do for your super to get started

There are a few simple things you can do to get started - they are quick and easy and will really make a difference to your super balance in the future:

Make additional contributions

If you want to make a real difference, make some voluntary contributions on top of your employer’s contributions – they don’t even have to be large amounts.

By starting early and small, your hip pocket won’t notice the difference, but your super balance WILL notice it down the track!

See for yourself how much of a difference small but regular contributions will make – try our Retirement Income calculator. 

Choose how your money is invested

You can afford to take a long-term approach and invest your super in higher-growth options that will see your account balance grow the most over the long run (ka-ching!). And while there will be negative years here and there, overall you’ll benefit from positive returns.

Learn more about investing your super here.  

If you need help you can get free investment advice from a planner over the phone - just give us a call on 1800 757 607. 

Combine your super accounts

Having several super accounts means that you’re paying several sets of fees, and that ain’t cool. With several sets of fees to pay, this could cost you over time. Make your super work efficiently and keep it all together.

You can combine all your super accounts into your Maritime Super account online here.  

Check whether you’re eligible for any money from the government

You may even be eligible for some government incentives to get your super going:

the low income super tax offset (LISTO) > which could give you a government payment into your super of up to $500 each financial year if you earn $37,000 or less per year

the super co-contribution > which sees the government put 50 cents into your super for every dollar you contribute into your super (up to a total of $500 per year).


The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.