skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Millennials: This is the average super balance for your age

28 November 2019

As a Millennial you have time on your side thanks to the power of compound interest.

Figures from The Association of Superannuation Funds of Australia’s (ASFA) October 2017 report 'Superannuation account balances by age and gender' show many young Australians are not likely to have enough money for an independent life once their working life is over.

This means they’ll need to rely on the government’s age pension: the maximum weekly age pension payment for those eligible (including the maximum pension supplement and the energy supplement) is currently $466.70 a week for an individual and $703.50 for a couple.

Most people living on such a small income will need to seriously adjust their lifestyle to cope financially.

Check out the table below and see how your current super account balance compares to other Millennials. 

Born between 1981 and 1996, Millennials covers anyone aged between 22 and 37 in 2018.

Average (or mean) super balances in 2015-2016 for Millennials

How much super you should have to be on track
Age: 20 to 24 25 to 29 30 to 34 35 to 39
Super balance: $5,501 $21,373 $38,386 $56,715

The good news is that by taking action now, you can improve your super savings for the independent life you want post work. Being a Millennial means you have time on your side to do this. Even small changes made now can add up to a big difference by the time you reach retirement age.

Millennials are the first generation to receive the full benefits of the super guarantee (the compulsory amount your employer must pay towards your super), which is currently 9.5 per cent of your gross income.

Millennials: How much super do you have compared to your peers?

20 to 24 year olds

Average super balance

How much super you should have to be on track
Gender: All Men Women
Super balance: $5,501 $5,924 $5,022

How much super you should have to be on track

How much super you should have to be on track
Age: 20 21 22 23 24
Super balance: $4,664 $9,459 $14,389 $19,712 $25,440 

25 to 29 year olds

Average super balance

How much super you should have to be on track
Gender: All Men Women
Super balance: $21,372 $23,712 $19,107

How much super you should have to be on track

How much super you should have to be on track
Age: 25 26 27 28 29
Super balance: $31,584 $38,154 $45,165 $52,372 $59,783

30 to 34 year olds

Average super balance

How much super you should have to be on track
Gender: All Men Women
Super balance: $38,386 $43,583 $33,748

How much super you should have to be on track

How much super you should have to be on track
Age: 30 31 32 33 34
Super balance: $67,402 $75,235 $83,289 $91,569 $100,082

35 to 39 year olds

Average super balance

How much super you should have to be on track
Gender: All Men Women
Super balance: $56,715 $64,590 $48,874

How much super you should have to be on track

How much super you should have to be on track
Age: 35 36 37 38 39
Super balance: $108,835 $117,835 $127,087 $136,600 $146,381


ASFA report, Superannuation account balances by age and gender, October 2017 for the year 2015-2016. *Data supplied by ASFA, based on the recommended amount at each age to reach a comfortable retirement. Assumes an income of $59,000 a year with a nominal return of 5.73% after fees and taxes.


According to ASFA’s Retirement Standard, the super balances required for a comfortable retirement are:

  • $545,000 for a single
  • $640,000 for a couple.

These figures assume you already fully own your home and are in good health. And that you will receive a part age pension.

ASFA defines a comfortable retirement as one in which you can take domestic holidays and occasional overseas holidays, go to restaurants, enjoy a good range and quality of food, take part in a range of regular leisure activities, have top-level health insurance, own a car and replace your kitchen and bathroom over 20 years.

ASFA’s Retirement Tracker can tell you whether you’re on track for a comfortable or modest retirement.

How to get on top of your super

Small changes you make now can lead to a big difference in the next three to four decades, significantly boosting your balance by the time you can access your super.

Here are five ways to help you get there.

1. Work out how much super you’ll have at retirement

There are several online calculators to estimate your super balance at retirement, including one for members of ANZ Smart Choice Super, winner of Money Magazine Best Value Super Fund for Young People Award 2020. Members can log in to ANZ Internet Banking and use the retirement calculator there. Additionally you can use MoneySmart’s retirement planner. Once you understand the gap between what you’ll currently have and what you’ll need to retire comfortably, you can put a plan in place.

2.  Make voluntary contributions

Any super contribution you make (in addition to your employer’s mandatory 9.5 per cent per year) will benefit you in the long run – and it is concessionally taxed (subject to contribution limits). Consider adding 3 per cent of your salary, or sacrificing part of your next pay rise or bonus into your super. With compound interest a 20-year-old who starts stashing away just over $6 a day could be a millionaire at 65. 

3. Consolidate your super funds

If you have more than one super fund, consolidating them will save you fees and give you benefits from the investment earnings of a larger pool of money, while make it easier to keep track of your balance.

To consolidate all other super funds into your ANZ Smart Choice Super account, simply log in to ANZ Internet Banking and click on your ANZ Smart Choice Super account. With your consent, ANZ can search and find other super accounts in your name and Tax File Number. Select the accounts you want to consolidate, read the important information, read and accept the Terms and Conditions and click 'Transfer '.

If you don't see your other super accounts, email and request a Super Match.

4. Check whether you’re eligible for a government co-contribution

If you’re a low or middle-income earner you could be eligible for a government co-contribution of up to $500 to help boost your super balance. There’s also a super tax offset available to people who earn less than $37,000 a year.

5. Work as a team

If you have a spouse they may be eligible to put money into your super fund and will receive a tax offset of up to $540. Check the Australian Taxation Office website to see if you’re eligible.

Explore how Superannuation can work for you

ANZ Smart Choice Super

Learn more


Chat to a financial adviser

Learn more


Already a member?

Information for members


Find out more about superannuation


Superannuation makeover for Millennials

Are your savings in need of a makeover? Watch John’s story and then get a copy of our new guide.



Super is seriously tax-friendly

Super remains one of the most tax-effective ways to save for your retirement so it’s important to understand how you can best benefit from it.


A Millennial faces the challenge of the Age Pension

Living on the Age Pension will a bleak reality for many young people – so we brought that future into the present for one of them.

OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346, RSE L0000673 is the trustee of the Retirement Portfolio Service (ABN 61 808 189 263, RSE R1000986) (Fund) and issuer of the interests in “ANZ Smart Choice Super”, a suite of products consisting of ANZ Smart Choice Super, ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees.

ANZ Smart Choice Super is issued by OnePath Custodians, and the ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Custodians is the issuer of this product but is not a Bank. Except as described in the relevant Product Disclosure Statement, the obligations of OnePath Custodians are not deposits or liabilities of ANZ or its related group companies. None of them stands behind or guarantees the issuer or the capital or performance of any investment. Such investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Returns can go up and down. Past performance is not indicative of future performance.

This information is subject to change. You should read the relevant ANZ Financial Services Guide (FSG), PDS, product and other updates (for open and closed products) available at and consider whether the product is right for you before making a decision to acquire, or to continue to hold the product. Updated information will be available free of charge by calling Customer Services on 13 12 87.

Taxation law is complex and this information has been prepared as a guide only and does not represent tax advice. Please see your tax adviser for independent taxation advice.

The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

The information provided is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances or objectives. The case studies used in this article are hypothetical and are not meant to illustrate the circumstances of any particular individual. Opinions expressed in this document are those of the authors only.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.

In addition to their salary, ANZ staff members may receive monetary or non-monetary benefits depending on the product they are selling or providing advice on.

Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay and Touch ID are trademarks of Apple Inc.

You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.