Micro-investment app Acorns Australia has announced plans to launch a superannuation product in March.
The new superannuation product will come in the form of a new feature integrated into the existing Acorns Australia app, according to a statement.
The new fund, titled Acorns Grow Australia Super, will be made available in March and aims to increase financial literacy and “simplify” superannuation, it said.
Acorns Grow Australia managing director George Lucas said the company wanted to empower Australians by “providing hands-on market experience” and increasing their engagement with investment and savings.
“Superannuation is one of the most underappreciated aspects of personal finance and we hope to use our platform to further educate and engage users on how they can invest and build wealth for their future,” said Mr Lucas.
The move into superannuation was sparked by user feedback and demand, as was the case for a number of other new features recently introduced to the Acorns app such as a carbon offsetting feature in January and the ‘Emerald Portfolio’, a responsible investment option.
“For some time, users have been suggesting that we extend our core principles into superannuation and we are proud to be able to be working on this.”
Mr Lucas added that the stereotype that Millennials were “poor savers” was not true at Acorns Australia.
“We’re often told Millennials do not engage with their superannuation, but we are confident we can also bust that myth with the upcoming launch of Acorns Grow Australia Super through the app.
“We see younger Australians want to take a more active interest in their financial future and we want to help them understand that superannuation should be seen as their money, to invest in a way that aligns with their values and their lives.”
Superannuation fund members are spending almost $35 billion on fees every year according to a new report, which has also named AMP, OnePath ...