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Media Release

Essential Super strikes a digital chord with millennials

Essential Super strikes a digital chord with millennials

Millennials behind the take up of Essential Super that has now surpassed $2b in funds and 200,000 customers.

Commonwealth Bank’s easy to use super account, Essential Super, is predicting further increases in member contributions after new data showed strong take up by millennials through its digital channels. It comes as Essential Super hit $2b in funds under management (FUM) and exceeded more than 200,000 customers.   

Essential Super’s strong digital presence has proved a real drawcard with data showing more than four in every 10 Essential Super accounts are now opened via digital channels. 

It has seen a 37 per cent jump in take up through digital during the last financial year, with millennials – aged between 18 and 34 – representing 89 per cent of customers opening an Essential Super account through the CommBank app.

Furthermore, 46 per cent of all our customers only access their super fund via their mobile phone. 

Launched in 2013, Essential Super has been growing strongly with data showing more customers are enjoying the visibility of their accounts through the CommBank app and NetBank that make it as convenient as everyday banking.

General Manager, Product and Investments, at Colonial First State, Peter Chun said the latest numbers suggests Essential Super will continue to see increases in member contributions, particularly from millennials.    

“We are seeing real momentum build behind Essential Super as our easy digital access drives interest and take up from younger Australian workers,” he said.

“It’s very encouraging to see this segment of the market engaging more with their super. It’s something that we want to continue to drive through improved education and understanding around the importance of this form of saving for their futures.”

A new SuperHub established for Essential Super customers has also proved popular. The centralised location where a customer can initiate key super actions to help get their super on track has seen thousands of customers go to the site to download or email themselves a super choice form.