Gen Zs know about super - but not always what to do with it

New research from Anyway and Rest finds a surprising knowledge gap among young Australians’ understanding of their own super, as social media and AI increasingly shape how they learn about money.

Young Australians have more financial information at their fingertips than any other generation before them, but new research from youth platform Anyway and super fund Rest suggests knowing about money doesn't necessarily mean knowing what to do with it.

The research underpins the launch of Fund-amentals, a new digital learning program from Rest and Anyway designed to help young Australians better understand their super and build confidence early in their working lives.

The Anyway research surveyed 1,008 Australians aged 14 to 25, found 75 per cent know about superannuation and 43 per cent already hold a super account, yet significant gaps remain in their understanding of how it works.¹

Only 11 per cent of young Australians surveyed fell into the research’s “high financial literacy” band, yet even this group struggled with basic superannuation concepts.

Among this group, 15 per cent incorrectly believed they could access their super at any time to cover bills while almost one in three could not correctly identify salary sacrificing as a pre-tax contribution.

Among those classified as having medium or low financial literacy, understanding dropped further, with just 16 per cent and 14 per cent respectively, correctly answering a question about employer contributions. The findings come as young Australians face a rapidly changing financial information landscape. Other research² has found almost two-thirds of Gen Z use social media for financial information and around one in five are turning to AI tools to help make financial decisions, while more than half said they trust financial influencers.

The issue may not be a lack of financial information but knowing who to trust and how to put it into practice.

The knowledge gap starts early

Research from Rest – which has the most members aged under-25³ – shows the same disconnect. Among Rest members aged 18 to 29, just 20 per cent said they felt “very clear” about the steps they could take to manage or improve their super, while only 10 per cent said they “definitely” knew what to do to prepare for retirement.⁴

Yet the appetite to learn is there: 92 per cent said super funds should be doing more to educate younger members – the highest of any age group. These findings show a clear opportunity to help young people take steps today that could make a meaningful difference in retirement.

Rest and Anyway (formerly Year13) are responding with the launch of Fund-amentals, a new digital learning program designed to give young Australians practical skills to better understand their super.

Rather than taking a broad approach to financial literacy, Fund-amentals focuses on super with a choose-your-own-adventure-style modules built around real-life scenarios, covering topics such as how contributions and salary sacrifice work, what happens when changing jobs, when super can and cannot be accessed, and how early decisions can compound over decades.

Simone Van Veen, Chief Member Officer at Rest, said, “Super isn’t the first thing most Gen Zs think about at the start of their working life. It can feel quite abstract.

“They'll see their wages land in their bank account and it will immediately feel real. Super can feel quite different and less connected to their everyday life. But 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.

“We 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.

“Fund-amentals is about meeting young people where they are and giving them practical, simple information they can use – rather than expecting them to navigate it on their own.”

Will Stubley, Co-founder of Anyway, said, “Gen Z is entering a financial world that looks very different to the one previous generations were taught to navigate, yet financial education hasn’t kept pace.

“There’s a real opportunity to give young people practical financial skills before they’re expected to make decisions that can shape their future. By bringing Anyway’s approach to learning together with Rest’s expertise in super, Fund-amentals gives young people a more engaging way to understand a part of their finances that can otherwise feel difficult to navigate.”

Rest and Anyway’s Fund-amentals launches 30 September and is available at https://anyway.ai/au/learn/fund-amentals.