The increase in establishing self-managed superannuation funds (SMSF) by younger people as seen by Andrew Frith, CEO of The Self-Managed Super Specialists, head- officed in Newcastle, has been confirmed across Australia with figures released by the Australian Taxation Office (ATO).
ATO figures compiled for the quarter ended 31 March 2011 show an increase of 11% over the December 2010 quarter for people in the 35-44 age group. “We have found an even greater increase in this age group” commented Andrew “and we think it is allied to the increased awareness of Australians to save, and importantly to be in control of their savings. Whilst many people consider that this age group has little disposable income and is full-time paying off mortgages and ensuring quality education for their children, we are finding that they are looking at the family unit from an holistic view – incorporating updating of wills and ongoing estate planning as part of family responsibilities. It is heartening to see that the growth, certainly experienced by us in New South Wales and Queensland, is across Australia and not just localised.”
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