The articles discuss whether parents should open superannuation accounts for children before they reach working age. They note that super is typically not part of children’s financial planning, and they frame the question around practical and legal considerations rather than a straightforward “yes” or “no.” The sources emphasise that super is generally designed to support retirement savings for people who earn income and can access the system’s contribution rules. Because pre-teens do not earn wages, the option for contributions and the usefulness of an account depend on how and whether any money can legally be added on the child’s behalf, and what restrictions apply. The coverage also points to uncertainty around long-term benefits compared with other savings or investment approaches that are more directly aligned with a child’s needs and earlier access to funds. Overall, the articles present the issue as a decision for parents to weigh carefully, considering regulations, contribution mechanisms, access to savings, and whether super is the most appropriate vehicle for money set aside in childhood.
Should parents set up superannuation accounts for pre-teen children?
The articles discuss whether parents should open superannuation accounts for children before they reach working age. They note that super is typically not part of children’s financial planning, and th...
- The articles address whether parents should open superannuation accounts for children before they reach working age.
- They note that super is rarely discussed in children’s finances and usually for practical reasons.
- Children at pre-teen age generally do not earn income, which affects how super rules and contributions apply.
- The usefulness of setting up super depends on contribution eligibility and how accessible any funds are later.
- The articles encourage parents to weigh super against other savings options when planning for a child’s future.
Rarely when talking about children and finances does the topic of super come up. And that’s usually for a good reason.
3 months agoRarely when talking about children and finances does the topic of super come up. And that’s usually for a good reason.
3 months agoRarely when talking about children and finances does the topic of super come up. And that’s usually for a good reason.
3 months ago
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