The latest self-managed superannuation fund (SMSF) statistics published by the Australian Taxation Office (ATO) have potentially revealed a change in demographic appeal of this type of retirement savings structure, according to thedunnthing founder Aaron Dunn.
SMSF data compiled to 31 March 2011 showed 25.4 per cent of the 6776 funds established during the first quarter of the year were set up by people between the ages of 35 and 44. This is an increase from the December 2010 quarter where individuals in this age group only accounted for14.3 per cent of the 6610 newly established funds.
"This statistic is quite large when compared to the overall age demographic within SMSFs (14.3 per cent)," Dunn said on his blog page.
"We are starting to see Gen X'ers taking a greater interest and control of their retirement savings. By contrast, only 5 per cent of new SMSFs were established by trustees aged 65 or over. This compared to 20.6 per cent of all SMSF members within this age category," he added.
Outside of this potential demographic shift in the sector, Dunn observed another milestone had been reached.
The average member balance within an SMSF was $506,494 for the quarter, marking the first time this statistic had passed the $500,000 level.
