Class Benchmark Report Half Year Findings
Cloud-based SMSF administration provider Class has revealed new insights from its Benchmark Report, highlighting that Millennials and Generation X collectively accounted for over 85% of new SMSF establishments in the six months to 31 December 2024.
Key findings include:
- Millennials surged to 33.6% of new SMSFs, up from 28.5% in mid-2024
- Generation X remains dominant, though slightly declined from 52.6% to 51.9%
- Baby Boomers saw a notable drop, falling from 17.5% to 13.4%
- The total value of net assets administered on Class increased by 9.2% to $355.9 billion, covering 184,830 SMSFs and 345,570 members.
With SMSFs now making up over $1 trillion (25.1%) of Australia’s $4.08 trillion superannuation industry, demand for self-managed funds continues to rise.
Maximising SMSF Success: The Growing Need for Expert Financial Advice
The report found that 70% of SMSFs remain unadvised, widening the gap between supply and demand for financial advice. While trustees accessing advice has remained stable, advised SMSFs outperform non-advised funds (7.6% vs 6.4%), reinforcing the value of professional guidance.
A well performing self-managed superannuation fund (SMSF) has the potential to be your most profitable and tax effective means to an outstanding retirement. However, just like an elite athlete needs an experienced coach, an SMSF needs the guidance of an expert SMSF mentor. This is where our Allan Hall Superannuation team can help.