Kids Money

My 15-year old son has just started part-time work. How do I help him choose a super fund?

Kylie, Brisbane, QLD

Kylie, it’s great you’re taking a real interest in your son’s financial future. Encouraging your kids to get into part-time work is great because it teaches them important life skills and puts them on the path to financial independence. This is a big step for your son and he will need your guidance on everything from setting up a super fund to filling out a tax return.

Super funds

Kids under 18 years of age are only required to be paid 9 per cent compulsory super if they work at least 30 hours a week and earn over $450 in one calendar month. Working this much in school holidays is enough to qualify.

Most employers will choose a particular super fund and offer it to all new employees. They often select a fund that specifically caters to their industry. Kylie, your son can opt for his employer’s ‘default’ fund or he can choose another fund.