Financial adviser Peter Horsfield, founder of financial planning business SMART Advice, says one reason why younger people are increasingly starting SMSFs is because they are less trusting of the financial services industry.
“They are also empowered by information from the internet and their own investment knowledge. Younger people are also more driven by peer pressure from their friends, so they are emotionally compelled to start their own fund. They also have a sense of invincibility and believe retirement is a long time off.”
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