A superannuation fund fund has launched a new tool, allowing members to make micro-contributions by rounding up their everyday spending.
Industry super fund Intrust Super has launched a new tool, called SuperCents, allowing members to make small superannuation contributions by rounding up their spending.
Similar spare change saving apps have existed for some years, outside of superannuation.
“They can set automated micro-contributions based on their spending, make top-up contributions, and monitor the difference it makes over time,” said Intrust.
Intrust says the tool involves members “seamlessly” connecting their super and bank accounts – no new account or product is required, due to technology from Moneysoft and Link Group.
Intrust Super CEO Brendan O’Farrell said SuperCents removes a major friction point – the paperwork – discouraging members from making voluntary super contributions.
“Intrust Super’s membership are hardworking individuals who have enough on their plates managing odd hours and the costs of everyday living without having to think about retirement savings,” he said.
“Many of our members could be eligible to receive additional forms of contributions from the government. But because they don’t have the time to prioritise super savings, they could be missing out.”
“With SuperCents, they can round-up the cost of their everyday transactions and start making small contributions over time. Their savings can grow in the background without them having to think about it, “ said O’Farrell, pointing to the First Home Super Saver Scheme and co-contribution.
According to Intrust, research has shown that 32% of Australians were interested in making extra super contributions but weren’t.
O’Farrell argued that people face challenges to making super contribution, and that SuperCents is a simple way to make small contributions with a “big long-term impact”.
“Any small change our members save now could add up to thousands of extra dollars in retirement savings for their future. Every cent counts!”