Young Australians lack basic superannuation knowledge

11% of young Australians aged 14 to 25 showed high financial literacy in a recent survey, yet even this group struggled with basic superannuation concepts. The research, conducted by youth platform Anyway for industry fund Rest, found that while 75% knew about superannuation and 43% already held an account, practical understanding remained low.

Among those classified as highly financially literate, 15% incorrectly believed they could withdraw their super at any time for bills. Nearly one in three failed to recognize salary sacrificing as a pre-tax contribution. The gap widened further among respondents with medium or low financial literacy, with only 16% and 14%, respectively, correctly identifying employer super contributions.

Separate research cited by Anyway and Rest found that almost two-thirds of Gen Z used social media for financial information, while about one in five turned to AI tools when making financial decisions. More than half of Gen Z respondents also said they trusted financial influencers.

The fund’s own data revealed a similar disconnect among its members aged 18 to 29. Only 20% felt “very clear” about managing or improving their super, and just 10% said they “definitely” knew how to prepare for retirement. Yet 92% of this age group believed super funds should do more to educate younger members—a higher demand than any other demographic.

Van Veen said that super isn’t the first thing most Gen Zs think about at the start of their working life; it can feel quite abstract. She explained that when they see their wages land in their bank account it will immediately feel real, and that super can feel quite different and less connected to everyday life. However, their super is real money too, and young people have one of the most powerful advantages they’ll ever have when it comes to growing it: time.

To address this gap, the fund and Anyway launched Fund-amentals, a digital learning program that uses choose-your-own-adventure-style modules and real-life scenarios to explain contributions, salary sacrifice, changing jobs and when super can be accessed. Van Veen said they want to give young people the confidence to make decisions about their super as early as possible, because the steps they take early in their career can build over time and help put them in a stronger position for retirement. She added that Fund-amentals is about meeting young people where they are and giving them practical, simple information they can use rather than expecting them to handle it on their own.