Australia’s next wealth story is about participation, not only inheritance

Australians who won’t benefit from the intergenerational wealth transfer should focus on an advantage they already have: time.

Younger Australians face a tough financial environment, but staying engaged with their finances remained important, Commonwealth Bank Executive General Manager Wealth & Private Susie Grehl told the AFR Super & Wealth Summit in Melbourne.

“They might not have the benefit of the intergenerational wealth transfer, but they have the benefit of time.

“My message to young Australians is if you are not the beneficiary of the intergenerational wealth transfer, it’s important to be even more engaged in your wealth creation journey,” Grehl said.

And that was particularly important in the current cost of living environment, she said. “I worry young Australians can become disengaged. It’s tough for young Australians right now.”

Starting earlier, but barriers remain

Many new investors are already thinking beyond short-term returns. Among novice investors surveyed by CBA, 48% said long-term wealth creation was a goal, while 42% nominated financial independence. 

But the survey suggested there remains a gap between wanting to invest and getting started. Looking at barriers to making a start on investing, CBA’s research found 42% of customers surveyed feared losing money, 29% found investing too complex and 20% did not know where to start. Thirty per cent cited high fees, while 24% believed they needed significant money to invest. ¹

Grehl said the figures underlined the importance of making investing simpler and more accessible.

Cost of living pressures were not the only factor holding potential investors back, she said, pointing to the prevalence of jargon and the perception that people need a large amount of money to begin.

CBA’s own data suggests people investing digitally are already relatively young. The bank’s Investing Hub has reached 1.2 million unique users, with an average investor age of 33 and 65% of users under 35, Grehl said.

Launched in June 2025, CBA’s Everyday Investing platform has grown investment volumes 5.5 times higher since launch, while the number of active investors using it have increased four-fold.

Families are talking about wealth earlier

While younger investors appear to be increasingly open to digital platforms, the way wealthier, financially established families approach money is also changing.

Grehl said the looming intergenerational wealth transfer was changing not just who holds wealth, but how families thought about passing it on. The volume of wealth being passed down is unprecedented, with a 2021 Productivity Commission report estimating $3.5 trillion in wealth would be passed from Baby Boomers to subsequent generations over the coming two decades.

Across high-net-worth customers, CBA is seeing a shift towards more active stewardship, with families discussing money earlier and the next generation increasingly wanting to understand and participate in decisions, Grehl said.

“Conversations are happening earlier, more often and they are more purposeful. The next generation want to be actively involved - they want to be hands on.” Over the past five years, more than half of new individual CommBank Private clients joining from outside CBA have been aged under 50, she said.

The changing face of wealth

Service expectations among high-net-worth customers are also changing, Grehl said.

In CommBank’s experience, 90% did not want a traditional full-service personal advice model. Instead, around half were fully self-directed and half wanted some form of guidance or support.

CBA has responded with its Private Wealth Advantage service, which combines digital capability, investment management and access to expertise. Grehl told the Summit CBA could deliver the proposition at around half the cost of a traditional model.

Private Wealth Advantage has now surpassed $1 billion in funds under management in just over one year in the market, she said.

Digital tools, backed by human expertise

Technology is also changing the service model. CBA, for example, is testing CommBank Companion, a conversational AI interface designed to help customers make more informed decisions within a safe and secure environment.

But Grehl also cautioned against seeing technology as a substitute for human expertise. CBA’s aim is to help customers participate in wealth creation earlier, then provide additional expertise as their financial lives and needs become more complex, she said.

That journey can begin with a first investment and extend through careers, homes, businesses and family wealth.

[1]  Everyday Investing CVP research, August 2026 (1,463 CBA customers)