Renee Howie

A new generation of financial ‘super planners’ arrives as cost-of-living pressures widen national retirement confidence gap

• Having enough to retire comfortably is Australians’ equal top life goal alongside financial independence (54%) and ranks equal third for Gen Z alongside homeownership (45%).
• Gen Z Australians have edged out Gen Y as the most financially confident generation (45% vs 42%) and are most likely to believe they can meet future retirement needs (37%).
• Despite relatively higher financial confidence, less than half of Gen Zs believe they are on track to retire comfortably (44%) only slightly higher than the national figure of 41%.
• Across all Australians, only 31% believe they will be able to retire when they want to, with cost-of-living the biggest barrier to peoples’ financial aspirations (64%).
• A group of around 1 in 3 Gen Z ‘super planners’ are running post-retirement calculations in their 20s, as they seek to take more long-term control.

According to MLC’s new Real Retirement Report, Gen Z have overtaken Gen Y as the most financially confident generation, as economic and income pressures prompt many younger Australians to take more control of their financial futures. Now, 45% of Gen Zs are extremely or very confident in their financial knowledge, up from 30% in 2024, while 42% of Gen Ys are confident compared to 35% two years earlier.

The research of more than 2,500 Australians, conducted by McCrindle on behalf of MLC, found that Gen Z are more likely than any other generation to believe they can meet their financial needs in retirement (37%) and expect to retire earliest, at 63.

Retirement is also seen as an important life goal for Gen Zs who now rank having enough to retire comfortably (45%) equal third with home ownership, behind work life balance (52%) and financial independence (46%). This aligns with the national focus on having enough in retirement, now Australians’ equal top goal (54%) alongside financial independence.

However, even among the nation’s most confident generation, only a minority of Gen Zs (44%) say they are on track to achieve a comfortable retirement. This reflects national aggregate figures, where even fewer believe they are on track (41%) and just 31% expect to be able to retire when they want to.

At a national level, these figures fall further among women, with only 25% expecting to be able to retire when they want, compared to 37% for men. Similarly, 50% of men believe they

are on track to retire comfortably compared to 32% of women. The research shows that across the population, cost-of-living pressures are by far the most commonly cited barrier to achieving financial goals (64%), followed by current income (37%) and debt (20%). Gen Z also report the highest levels of frustration about their financial situation (37%), just ahead of Gen Y (36%), and followed by Gen X (32%) and Baby Boomers (19%).

Renee Howie, MLC’s Chief Customer Officer, said the MLC Real Retirement Report highlighted the challenge many Australians face in balancing today’s financial commitments with tomorrow’s goals.

“Having enough money to retire comfortably is now one of Australians’ most important life goals, yet most people don’t feel on track to achieve it. With cost-of-living pressures, interest rate rises and even uncertainty around what recent Federal Budget changes may mean for them, it’s understandable many Australians feel less in control of when and how they retire.

“What’s encouraging is that younger Australians appear to be responding with action, and engaging earlier with their finances. They’re talking openly and honestly about money, setting goals, superannuation and thinking about retirement well before previous generations did.”

A new generation of ‘super planners’ emerges

As Gen Z responds to ongoing financial pressures, the research reveals a group of younger Australians stepping up their retirement planning far earlier than others.

This group of ‘super planners’ includes the roughly one in three Gen Zs who have begun retirement planning understand how long their savings must last (32%), know what their major expenses will be (38%) and even how much super they will draw down each year once in retirement (30%).

“Many younger Australians are running post-retirement calculations far earlier in life so they have a clear goal they can work towards. This is a digitally savvy generation who knows how to find information, but it’s more than just budgeting and planning, they’re taking meaningful actions with this information too.”

Gen Zs are the most likely of any generation to switch super funds (9%), salary sacrifice (10%) and seek advice (14%).

Ms Howie said that no matter where you are in your journey to retirement, taking small steps can make a big difference to outcomes and help close the confidence gap. This includes:

1. A 5-minute super check – a quick check to see if you have multiple super accounts you don’t know about, how much you’re paying in fees and costs, and if you’re in the right investment option can save you tens of thousands of dollars over a lifetime. For example, simply switching from a default investment option to a high growth one between 18-49 years of age could add up to $120,000 to your super at retirement*.
2. Understand available incentives – programs like the government co-contribution scheme or low-income support tax offset can help lower-to-middle income earners boost their super.
3. Take advantage of compound interest – even if you don’t have much to spare, contributing $5 or $10 a week or month in your 20s and 30s could have a big impact on your super balance at retirement. For example, salary sacrificing an extra $5 per week to your super from 20 years of age could add more than $26,000 to your super at retirement**.

“At MLC, we believe that a national dialogue around retirement readiness and confidence is sorely needed so people aren’t going it alone. But for individuals, if you’re unsure how you’re tracking, are worried about retirement or need support, speak to a financial adviser. If you don’t have one, call your super fund as most will be able to put you in touch with someone that can help,” Ms Howie added.

*Scenario is based on an 18 year-old with a starting superannuation balance of $1,000 and a salary of $60,000 p.a. with a 3% p.a. salary increase. Assuming default option return of 6% p.a. and high growth return of 6.5% p.a. from age 18 to 49. From age 50 to retirement age of 67 investment returns reduce over time from 6% p.a. to 5.5% p.a. and from 6.5% p.a. to 5.88% p.a., respectively.

**Scenario is modelled on an extra $5 per week and a 2.5% p.a. salary sacrifice increase from age 20, to age 67. Assuming an investment return of 6% from age 20 – 55 and then reducing over time to 5.5% p.a. at retirement age of 67.

Methodology

The Real Retirement Report 2026 explores the attitudes to retirement and financial confidence, based on a survey of 2,500 Australians aged 18 years and over. The survey was conducted by McCrindle on behalf of MLC, with questions in-field in December 2025.

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Renee Howie

We welcome last Friday’s consultation on the annual superannuation performance test and the Government’s openness to redesigning it to better represent Australians who invest their superannuation in non-MySuper investment options, including recognition that the current test was designed for ~$50k MySuper balances.

MLC has always been supportive of the intent of the performance test to help protect Australians from being invested in underperforming super products.

We have, however, been vocal with the industry, Treasury and Government about flaws with how the test is applied to non-MySuper investment options. We have two key concerns with the test, in its current form:

1. Of the current $20 billion platform trustee directed market (known as wrap platforms and referenced on page 25 of the consultation paper), only two providers make up ~80% of what is currently tested. Applying the test to such a small portion of the wrap platform market produces outcomes that misrepresent performance and may harm consumers.
2. It doesn’t effectively take into consideration that individual investment options within wrap platforms are generally held as part of a personalised and diversified investment portfolio that is agreed by a member with their financial adviser. In a wrap platform, a member may have their super balance invested across multiple investment options, whereas a MySuper member would typically have their entire super balance invested in one option.

As we’ve previously said, a one-size-fits-all performance test does not necessarily produce the best result for members who make an active choice in how their retirement savings are invested. We look forward to continuing to work with the Government to help address these flaws.

In response to the Government considering extending the test to retirement products, we would caution that a test designed for the accumulation phase does not take into account the nuances of an individual member’s retirement, and the fact that retirement is more than just a product.

By Renee Howie, Chief Customer Officer

The post Statement from MLC / Insignia Financial on annual super performance test consultation appeared first on AdviserVoice.

Renee Howie

MLC, part of Insignia Financial, has relaunched its iconic brand with a provocative campaign, fronted by cult comedian Matt Berry, telling Australians they don’t care about the future, because retirement is a lifetime in the making.

With 138 years of heritage, MLC is repositioning itself to meet the evolving needs of today’s consumers. The relaunch includes a new brand expression – featuring the beloved golden egg – and a provocative new advertising campaign, featuring Matt Berry, challenging Australians to not worry about the future.

Renee Howie, MLC’s Chief Customer Officer, said: “MLC is one of Australia’s most trusted and enduring financial brands. For generations, Australians have known and loved the golden nest egg MLC is renowned for, and have seen it as a symbol of quality, expertise and a pioneering spirit.

“We’re building on our 138 years of experience and expertise as one of the largest retirement providers to Australians, to relaunch MLC as a ‘super-into-retirement’ brand, as we believe retirement is a lifetime in the making.

“From the moment you start working, you’re retiring. But, to most Australians, retirement doesn’t feel like a choice they have now, it feels like something that happens to them later.

“Our new advertising campaign is the creative embodiment of this. We’re having fun, being a bit cheeky and calling out the fact that at MLC, we don’t care about the future – which is not something you hear a lot of super funds say.

“MLC’s new campaign opens with the very funny and talented Matt Berry saying, “We don’t care about the future”, which you might think is counterintuitive for a super fund, but that’s the point. We’re focussing on the fact that a glorious retirement isn’t built in the future, it’s built by the choices people make today. It’s built dayby-day, and decision-by-decision in the present.

“Through our new tagline, A Lifetime in the Making, MLC is reframing how Australians think about superannuation and retirement – shifting the focus from distant outcomes to present-day action. We care about working with our members today, by giving them guidance, advice and investment expertise, so they can shape the retirement they want.”

Ms Howie said the relaunch of the MLC brand, which has been out of market for more than five years, also coincides with an updated proposition for members to position the fund more competitively.

“We’ve been working hard behind the scenes across all areas of our business to ensure that when we relaunched the MLC brand to market, we had a compelling product and value proposition for members. We’ve reduced administration fees and costs – in fact, MLC MasterKey Pension Fundamentals is ~27% lower than the average superannuation pension product, we offer financial coaching at no extra cost, and we offer eligible pension members a bonus an average of more than $5,300.

“Our MLC High Growth option has also delivered strong, long-term results over 5, 7, 10 and 15 years – in fact it delivered 9.9% pa over the 15 years to 30 June 2025.

“To coincide with the relaunch, we’re also rolling out a range of new member engagement initiatives, an uplifted member experience and a new website with industry-leading tools and calculators.”

Ms Howie added: “The MLC brand relaunch is a bold step towards Insignia Financial’s 2030 Vision to be Australia’s leading and most efficient diversified wealth management company, reaffirming our commitment to delivering exceptional value and confidence to Australians at every stage of life. Because, as we say in our new campaign, a glorious retirement is a lifetime in the making.”

The campaign, which was created by new Australian creative company Princess and directed by Alex Roberts of Finch, launched on 5 October and is rolling out across television, cinema, online video, radio, out-of-home, digital and social channels.

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Renee Howie

“MLC welcomes the Australian Government’s release of the consultation papers on Best Practice Principles for Superannuation Retirement Income Solutions and the Retirement Reporting Framework. These papers represent a significant step forward in strengthening Australia’s retirement income system and ensuring better outcomes for the millions of Australians transitioning into retirement over the coming decade.

As one of Australia’s leading superannuation brands, MLC strongly supports the Government’s focus on improving transparency, product innovation, and member engagement in the retirement phase. The proposed principles and reporting framework align closely with our own commitment to delivering more flexible, personalised, and sustainable retirement income solutions.

The release of these papers comes at a pivotal time, as MLC launches MLC Retirement Boost to help Australians boost their income in retirement by leveraging the concessional treatment of innovative retirement income streams.

MLC is committed to empowering Australians to plan for retirement with greater confidence, flexibility, and clarity. We look forward to contributing to the consultation process and continuing to work with Government, regulators, and industry partners to help shape a retirement system that delivers for all Australians.”

By Renee Howie, MLC’s Chief Customer Officer

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