Superannuation isn’t a good deal for many millennials, according to the latest research from the Centre for Independent Studies (CIS).

They say the downsides of super are often ignored and that quarantining 9.5% of wages for retirement is making it harder for millennials to save for a deposit on a house or start a family.

CIS Research Director Simon Cowan spoke to Oliver Peterson today about the downsides of super and why you’d be better off owning your own home rather than having a huge nest egg.

“We keep talking about why we need more super. We should be asking what is the best use of the money being diverted.

“You should be able to have more control over your own money. Super is considered some sort of gift from employers, as if it’s not coming out of your wages. When in reality… it’s wages foregone.”

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