A study from Macquarie Bank and the SMSF Professionals’ Association of Australia (SPAA), has indicated that the profile of SMSF investors is dramatically evolving indicating increasing commitment from women and younger generations.
The report draws on an online survey of over 2,000 Australians and combines client data from Macquarie’s mortgages, and wrap and cash management accounts. The results have debunked stereotypes about the age profile of the average SMSF investor, with the findings indicating that 44 per cent of investors intending to set up an SMSF and 46 per cent of SMSF investors who have recently established an SMSF are under the age of 30. One in five are females who still live at home with no children and one or both parents, challenging the misconception that it is only older Australians who are actively managing their superannuation.
SPAA chief executive officer Andrea Slattery has said that, “the report is showing people are genuinely considering their future retirement options much earlier than the current market is suggesting that they are,” and “younger generation’s quest for knowledge in the area, which was likely to be an indication they wanted to do something earlier rather than later.”
With 55 per cent of SMSF reported as women Gary Lembit, analytics insight manager at Macquarie Bank has commented that, “gender patterns have changed when compared with the previous survey. A large reason for this is an SMSF really is a family product.” Lembit has added that “SMSF as a category is something that families do together. So you would expect over time that the balance between males and females will be relatively even and relatively constant, and that’s what we’re seeing develop.”