What’s the average Australian superannuation balance at age 30 in 2024?

It’s probably fair to say that Australians aged around 30 years old are probably some of the country’s most uninformed groups when it comes to superannuation. With retirement still decades away, many 30-somethings don’t find super all that interesting, at least compared to other pursuits that are normal at this kind of age, such as establishing a successful career or starting a family.

But as anyone who understands the power of compounding knows, 30 is a great age to start taking your superannuation seriously. After all, those who are in their 30s today might not have too much else to rely upon if they wish to enjoy a long and comfortable retirement free of financial worries.

Those in their 30s are also some of the first Australians who would have benefitted from high compulsory superannuation payments for the entirety of their working lives.

Over the past few months, we’ve looked at the average Australian superannuation balances of those Australians close to the retirement age, as well as those who still have a decade or two left before they stop working. We’ve even looked at what kind of money those who managed their own super with a self-managed super fund (SMSF) have.

But today, let’s get inside the average super fund of someone aged between 30 and 34 and see what we find.

What’s the average Australian superannuation balance at age 30?

We’ll start by looking at data from the Australian Taxation Office (ATO)’s Taxation Statistics report, which covers the 2021 financial year.

This report reveals that over the 2021 financial year, the average super fund of someone aged 30-34 contained $51,400. The median balance, which is less skewed by outliers, was $38,681.

For men, the average balance was $56,344, while the median came in at $41,849.

For women, we got an average balance of $46,289 and a median of $35,716.

These numbers should generate at least some consternation amongst Australians in their 30s right now. As reported by the ABC this year, it is estimated that someone aged 30 today should have at least $59,000 in superannuation if they wish to be on track for a ‘comfortable’ retirement by the time they hit 67.

The Association of Super Funds Australia (ASFA) currently defines a comfortable retirement as one funded by at least $69990,000 in super if one is in a couple, or $595,000 for singles.

This also assumes those retiring own their own home, rely on a part pension and withdraw their super as a lump sum.

The ‘comfortable’ retirement they will then enjoy includes private health insurance, provisions for buying household goods, a quality car, occasional international and domestic travel, as well as good mobile and home internet connections.

Despite these assumptions, it appears that those around 30 today have some ground to make up with their super funds if they wish to enjoy a comfortable retirement.

The post What’s the average Australian superannuation balance at age 30 in 2024? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.