11 December 2017
New research from consumer group CHOICE has found millennials spend more on breakfast than any other age group but could offset their spending by ditching any duplicate superannuation accounts.
CHOICE found on average, millennials spend $1,321.84 per year on eating out for breakfast followed by gen X ($1,123.72) and baby boomers ($790.40).
Interestingly, CHOICE also found the average $1,321.84 per year being forked out by millennials for breakfast, is approximately the same amount the average person loses each year through fees on an extra super account.
"The research couldn't be clearer, young Aussies love to eat out and for many, a super serving of avocado on toast will be on the menu but they can offset their breakfast spending through super savings," says CHOICE spokesperson Stefanie Menezes.
"A lot of people are confused by the super system. That's why we're launching a new free avocado-themed Facebook chatbot today called Cado to appeal to young people's appetites for the mashed up green stuff and help them consolidate their super accounts.
"Cado helps you combine all of your extra funds into one and navigate the dog's breakfast that is Australia's superannuation market.
"With the latest figures estimating 40% of people have more than one super account and the average person could have an extra $25,000 in savings by retirement if they closed down their duplicate super accounts, it's time Australians had a breakfast-themed 'super' hero," Mrs Menezes says.
"Our avocado-themed message is straight forward; it's OK to eat out for breakfast just close a few of your duplicate super accounts before you do.
"We love our super chatbot, Cado, but the reality is we wouldn't have had to unleash him if the Federal Government ended the duplicate super account rip off."
"We want millennials to keep eating smashed avo well into retirement so fire up Facebook and have a chat to Cado. Who knows, you might be able to add feta to your breakfast with the savings."
Super tips before eating breakfast out
- Chat with Cado: facebook.com/cadobot/
- Consolidate your super accounts
- Avoid new set fees and insurance costs
Help end the multiple super fees rip-off: campaigns.choice.com.au/super
Stefanie Menezes, CHOICE Spokesperson: 0430 172 669