Next-gen's retirement guarantee
It’s easy for millennials to feel hard done by. Unlike their parents, they’re unlikely to have a job for life or be able to buy their first home easily.
But there is one area where they will be better off. Come retirement, they will have accumulated far more super than their parents.
Why is that? For starters, when super was introduced three decades ago, the compulsory employer super contribution, or super guarantee (SG), was just 3% and default super, where most of the money goes, didn’t have the close regulatory oversight it has today.
Much has changed since then.
Millennials now enjoy a SG of 10.5% and strong
