Invest smarter to build wealth, starting with super

You don’t get wealthy by working harder - you get wealthy by investing smarter.

Last week I joined a panel at the AFR Super & Wealth Summit where there was violent agreement that younger generations know this, they're ready to act, and they need our help.

Contrary to what many in financial services seem to believe, younger generations can see the world has changed and just working harder won't make you wealthy. They see the Aussie home ownership dream they’ve been sold is likely beyond their reach. They see uncertainty in employment and living costs escalating. And they’re online listening to experts who are telling them a recession is on the horizon.

It's a dismal picture they're reluctant to embrace. But confronted by reality, they're hungry for alternatives. They want to take action and gain control. And as we heard from many of the experts at the AFR Super and Wealth Summit, younger generations have a huge appetite for guidance. But where do they go?

In the investment space, great options like pearler now abound; platforms making it easier for first-time investors to get started with education and community support embedded. And groups like Ladies Talk Money are striving to bridge the gap with jargon-free education. (It was great sharing ideas on this panel with Nick Nicolaides from Pearler and Jessica Brady from Ladies Talk Money - thanks!)

??It's time for super to catch up

Consumers aren't the problem. Industry commitment to placing people at the heart of innovation is.

Younger generations aren't getting excited about super. No surprise there for anyone with a heartbeat, but we can't just accept that. And yet still, by and large, the industry keeps making excuses. I heard it over and over again at the Summit, "It’s too hard because young people are apathetic about their super." Hey, no offence cos I used to make that excuse too. But it simply isn’t true. It's a cop-out.

Our Super Fierce community tells us that they are worried about their financial well-being. They care about the future, and they want to do better. And they're also worried about their #superannuation. Most know it matters, but they simply don’t know what to do, or whom they can turn to for advice they can trust.

Instead of blaming consumers and saying they're apathetic, it is incumbent upon the financial services industry to make superannuation interesting.

It is up to all of us in the wealth and super industry to make it relevant and get their attention. We need to engage consumers as early as possible with their super. And we need to make building financial fitness accessible and appealing. Critically, we must also deliver appropriate support and guidance which is, dare I say it … affordable, understandable and accessible.

And in the absence of sensible education when kids get their first job and leave school, we need to step in to bridge that gap whatever it takes. Even if that means we need to learn how to use TikTok! There was snickering about this in the room, but if that is where the younger generations are, then that is where we need to be.

??It's time to make super relevant

There was much discussion at the Summit and in the press, about the need for a tightly defined purpose for super which delivered some useful ideas, a few pithy phrases, and plenty of political debate. But virtually no discussion about why people should care, and how to make it more engaging.

We need to make superannuation relevant TODAY. Not when people are ready to settle down to Bingo and Bowls.

By then it's too late, and tragically ignores the vibrant opportunities to unlock the value of the first and second largest financial asset for Aussies, throughout their lives.

??It's time to place super at the heart of wealth creation

Super is the one financial asset every Australian has for the majority of their adult life. And for people under the age of 37 today, it will likely be their largest financial asset given most won't be able to afford a home until 35. So why is it an afterthought in wealth creation? It's because we have failed to make it easy for consumers to engage unless they can afford thousands of dollars every year for financial advice.

Digital advice now makes it possible to place super at the heart of every Australian's wealth creation plan, rather than leaving it as a poor cousin to home ownership and trading shares.

?Super Charging Superannuation

At Super Fierce we are committed to providing independent, unbiased advice about how to super charge the value of superannuation, placing it at the heart of wealth creation from the time Aussies get their very first job.

Sound far-fetched? It's not. That's exactly what we're doing. Follow me here and stay tuned for updates on exciting new features we're building.

#superannuation #scalableadvice #financialadvice #financialeducation #wealthcreation #personalwealth #millennialmoney