My daughter has just finished the HSC and is having a year off before she starts University. She is currently working two jobs and we would like to get some advice on where she should put her superannuation and setting up a savings plan to pay for Uni, thank you?

Hi Fiona,

It is great that yourself and your daughter are looking at making decisions now that will benefit her in the long term.

Picking the right superannuation fund will involve a number of components and if she has several funds she may want to compare them against each other and look at consolidation options, although please consider all details or speak with a professional before making that decision. Things to consider include:

Fees- What are the underlying fees of the fund
Investment Strategy- What risk tolerance is she comfortable with and is she currently invested the way she wants to be or needs to be for the long term.
Insurance- What cover is held in the fund and what benefits will you lose if closing the account
Rebates/Benefits-Is there any benefits with choosing one fund over the other eg. An employer sponsored fund that provides rebates or extra benefits.

In regards to saving she should look at putting away money as soon as her regular pay comes in. If saving is the goal than putting it away before you go through your other expenses should be a key consideration.

This is just some general guidance on options your daughter can look at however if she did need more tailored advice- it is best to speak with a professional or you can contact me on the below details if you would like to chat further.

Thanks,

Ronald Pratap | Principal Financial Adviser
RP Wealth Management
t: 02 9188 1547 m: 0434 502 079
e: ronald.pratap@rpwealthmanagement.com.au
w: www.rpwealthmanagement.com.au
a: Level 2, 351 Oran Park Drive, Oran Park 2570