Top 5 Reasons You Should Care About Super While You’re Young

I don’t know about you, but growing up I never gave a second thought to my superannuation. 

Thoughts along the lines of, “Super? What even is that - and why should I care? I’m not even close to retirement age or buying my first place!” defs cropped up.

And we don’t blame you for not worrying about it - but we’re here to tell you that it’s way, way more important than you might think. 

In fact, once you join the workforce and start earning your own moolah, it’s time to properly give some thought to which super you want to go with long term. It makes a world of difference - and here are 5 reasons why.

1. Your super can have a direct impact on the environment

Did you know that your super can have a massive impact on the planet? Superannuations take your contributions (made by your employer) and invest them - the only problem is, what they choose to invest them in might not align with your values or the safeguarding of the planet. 

Some make a tidy profit from investing in fossil fuels, weapons manufacturing and other controversial industries. That’s why it’s important to check what your super decides to invest in - for example, Aware Super began investing responsibly and became the first major Australian super fund to become Tobacco Free in 2012. 

Doing your research can make all the difference to you and the world - most supers are transparent about their investments, so you don’t have to dig too far to get the info you need.

2. You can customise your super to fit your needs

Not many people know that you can actually customise your super to be exactly how you want it. Meaning you can set up things like ethical screening, investment strategy options as well as voluntary contributions to make your super suit your specific goals and values. Pretty cool, right?

3. Going with the right super means having more savings in the long run

If you didn’t already know, your super grows in two ways - through the contributions that you make and through investment earnings. Ideally, you want to be in a high growth fund which will mean you have a better chance at higher returns long term.

It’s worth mentioning that not all supers offer the same return - which directly affects how much super you have at the end. Some offer low return which is generally considered low risk, whereas others offer high risk, high growth return. Ultimately, you decide what you are comfortable with and what your long term goals are.

4. You get to decide where your money goes

One of the most important things to consider when choosing your super is exactly where you want your money to go. From socially responsible investing to making personal contributions, it’s your hard earned wage and blood, sweat and tears for years to come - so it’s fundamental that you decide what happens to it all once it’s out of your hands! 

5. The future isn’t as far away as you might think

The future of buying a first house, retiring and all the other money-milestones might seem like a gazillion miles away - but all things considered, it’s not as far away as you might think.

From working heaps to setting and smashing goals, life only speeds up.  So we reckon getting your super in order - from landing high growth returns to choosing a super that makes socially responsible investments - is gonna make all the difference. 

To find a super you love that works hard to make your money grow and keep their investments green, check out Academy - in partnership with mates over at Aware Super -  for all the info, resources and support you need.