More Gen Z and Millennials opting to self-manage their super

According to AUSIEX (Australian Investment Exchange Limited), since 2020, Aussies born between 1981 and 1996 represent 10% of all new SMSF accounts.

This is double the rate seen from 2016 to 2019.

Data from AUSIEX shows during this past September quarter, there was a 9.3% increase in new SMSF accounts opened compared to the corresponding quarter last year.

Last financial year there was also an emerging trend in SMSF accounts opened by Gen Z (born 1997– 2012). The number of SMSF accounts owned by Gen Z investors has doubled in the past 12 months.

AUSIEX CEO Eric Blewitt said recent years of government and regulatory reviews of the super system has most likely prompted greater awareness of super among younger Australians.

"SMSFs have traditionally been the domain of those with higher fund balances and those approaching the decumulation phase," Mr Blewitt said.

"SMSFs may be appealing to younger people due to the fact they provide greater control over investments. All of this data is painting a picture of much greater interest from younger people in taking control of their financial goals."

Raiz Invest hits $1 billion in funds under management

Raiz Invest today announced its total Funds Under Management (FUM) in Australia has surpassed $1 billion.

Raiz is a micro-investing platform which allows users to automatically invest their spare change in a selected mix of exchange traded funds (ETFs).

Raiz has become popular among younger generations in particular because it allows them to invest small amounts of money without the need to invest thousands in one transaction.

Raiz reports that the average balance is now nearly $3,000 per customer, and has recently released a feature to onboard SMSFs.

Raiz Invest Managing Director George Lucas said the milestone reinforces the goal of helping Aussies to invest.

“Passing this significant milestone is a huge validation of the Raiz business model, products and brand, which has helped more than 500,000 Australian invest and save," Mr Lucas said.