Acorns Grow Australia has today announced it is planning to launch a superannuation product, Acorns Grow Australia Super, to help Australians build wealth for retirement.
Set to be available in March, the superannuation feature will be fully integrated into Acorns Australia’s existing app, familiar to a growing base of 400,000 signups.
The planned introduction of a superannuation product aims to extend on Acorns Australia’s active role of simplifying investing and improving the financial literacy of Australians. Having already made investing simple, it aims to do the same for superannuation.
George Lucas, Managing Director, Acorns Grow Australia, said, “We have always been much more than a savings and investment tool. It’s about improving financial literacy. We are passionate about empowering Australians to reach financial freedom by providing hands-on market experience and engaging with them along the way across both investing and savings.
“Superannuation is one of the most underappreciated aspects of personal finance and we hope to use our platform to further educate and engage users on how they can invest and build wealth for their future.”
Acorns Australia has a long history of listening to user feedback and the decision to move into superannuation stems from customer demand. Over the last 12 months, it has introduced several features because of direct feedback. This includes Little Acorns, a savings tool for children, carbon offsetting and the introduction of an ethical investing portfolio.
Lucas said, “For some time, users have been suggesting that we extend our core principles into superannuation and we are proud to be able to be working on this.
“The millennial generation, which our user base skews heavily towards, have traditionally been viewed as poor savers, but we don’t believe that stereotype at Acorns Australia. Hundreds of thousands of young people are building up a level of savings for retirement. Similarly, we’re often told millennials do not engage with their superannuation, but we are confident we can also bust that myth with the upcoming launch of Acorns Grow Australia Super through the app.
“We see younger Australians want to take a more active interest in their financial future and we want to help them understand that superannuation should be seen as their money, to invest in a way that aligns with their values and their lives.”
Acorns Grow Australia Super is intended to be a sub-plan for the DIY Master Plan fund (ABN 46 074 281 314), issued by Diversa Trustees Limited (ABN 49 006 421 638), (AFSL No 235153). People who want to pre-register their interest for the superannuation platform should visit the following website: https://super.acornsau.com.au
Before investing in Acorns Grow Australia Super, it is anticipated that a PDS will be available from March 2018.