Super for uni students
09 January 2025
5
min read
Whether you’re at university or have a student in the household, here are 6 super tips for uni students.
Being at uni often means juggling education and paid work. Sometimes even more than one job.
Making some simple, smart decisions now about your finances, including your super, can affect the amount of money you’ll have to spend later. Retirement might seem a long way away, but what you do now can have a huge impact on your savings for your future.
Know the super basics
Superannuation is designed to help you save money while you’re working to spend when you retire. Some of the savings are compulsory. You should understand what you’re entitled to, so you don’t miss out on any payments.
Your employer will automatically contribute to your super if you are an eligible employee. While you’re working as an employee, your employer must pay a minimum amount, which is 11.5% of your ordinary time earnings in 2024-25, into your chosen super account. This is known as the Superannuation Guarantee.
You can also contribute money to your super to help your super balance grow.
Choose a super fund to suit your personal needs
Selecting a high-performing super product rather than an underperforming one can significantly boost your retirement income.
It may help you to pick a fund that can offer super solutions for your lifetime, now and through your retirement. You may also want to pick a fund that has options you can choose where experts take care of investing for you, or you can have more control over your investments.
5 considerations when comparing super funds:
- Fees – Paying more in fees can affect your super balance now and in retirement, so get the complete picture on fees and costs.
- Investment options – Look for a fund that offers world-class investments built by experts to fund your future. You may want to leave investing to the experts or take more control of your investments. Remember your needs may change over time.
- Performance – Super is a long-term investment, so outstanding outcomes with a focus on long-term returns are important when picking a fund.
- Insurance – See what insurance your fund offers and what it costs.
- Service and support – From accessing your super online or an app, or extra services such as advice about your super, see what your fund can offer you.
See how we compare
Find any lost super
You want your super working hard for you but if you’ve ever changed your name, address, job or lived overseas, you may have unintentionally lost track of some of your super.
Super can be lost when your super fund can no longer contact you (lost and uncontactable) or if your account is inactive, such as not receiving a contribution in over 5 years.
It’s easy to find your lost super.
Put all your super in one place
Having several super accounts can mean paying several sets of fees and potentially insurance premiums.
Consolidating or combining your super,1 means putting all your super into one account.
Benefits of putting all your super in one account include:
- paying fewer fees
- reducing paperwork
- being able to better keep track of your super
- avoiding paying extra insurance premiums.
Get a super boost from the government
The Australian Government may help you grow your super. You might be eligible for one of these bonuses:
Keep track of your super
Most super funds have an app you can download, to check your balance, update your details, and change your investments.
Just like you use an app from your bank, stay on top of your investments by using your super fund’s app.
Download the QSuper app
If you have a QSuper account you can download the app now.
1. Before you consolidate your super, please consider if the timing is right and if you will lose access to benefits such as insurance or pension options, or if there are tax implications.