CFS targets Millennials
Colonial First State (CFS) has added a new superannuation investment option designed for people born in the 21st century.
The First Choice Lifestage 2000-2004 option is available on CFS' FirstChoice platform and has investment settings currently biased toward growth assets (90 per cent), with 10 per cent in defensive assets.
CFS general manager for product and investments, Peter Chun, said "younger members have time to ride out the ups and downs of investment markets, so their super is invested in growth assets, like property and shares".
"These assets have a greater potential to deliver higher returns over time and therefore grow the member's retirement savings above inflation," he said.
Chun said there were 12 life stage options ranging from Baby Boomers through to Millennials and had $3 billion in assets in the options.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
