Australians aged 35 to 44 have become the largest group of new SMSF members, accounting for 39.1 per cent of new members in the June 2026 quarter, according to the SMSF Association. It is a notable shift for a sector long associated with retirees. As establishments hit record levels in 2025–26, the trend raises practical questions for younger trustees about insurance, costs and the time a fund demands over several decades.

A younger face for an older sector

The SMSF Association's figures, released on 8 September 2026 and based on ATO data, show roughly 60 per cent of new SMSF members in the June 2026 quarter were aged 35 to 49.

The pattern was similar earlier in the year. the ATO's March 2026 quarterly report, said 38.9 per cent of new members that quarter were aged 35 to 44, and a further 9.9 per cent were aged 25 to 34.

Those shares stand in sharp contrast to the existing membership. The same report showed people aged 35 to 44 made up only 12.2 per cent of all SMSF members, while the ATO says 85 per cent of members overall are aged 45 or older.

In other words, the people joining the sector look different from those already in it.

Why people in their thirties and forties are moving

SMSF Association chief executive Peter Burgess has linked the trend to how this generation has experienced super. He said that for anyone under 50, compulsory super "has been a constant throughout their working life".

That familiarity may translate into greater engagement. Burgess also pointed to members seeking "greater choice, control and transparency" over their retirement savings.

Balances are building faster too. The super guarantee reached 12 per cent from 1 July 2025, which Burgess has cited as one Factor behind the sector's growth.

For some mid-career Australians, that combination of engagement and rising balances could make running a fund seem more feasible than it once did. Whether it suits any particular person depends on individual circumstances.

A long horizon changes the calculation

A Trustee who sets up a fund at 40 may be running it for decades before retirement, and potentially well beyond.

Super generally remains preserved until a member meets a condition of release, such as retiring after reaching preservation age. That means money inside an SMSF is typically locked away for a long time, regardless of how actively it is managed.

Over that period, circumstances can change considerably. Careers, relationships, health and family structures may all shift, and each could affect who acts as trustee and how the fund is run.

Younger trustees may also be contributing for more years than older ones. The fund needs to be able to receive employer contributions reliably, keep records in order and lodge its annual return and audit on time, year after year.

Insurance: a question that often matters more earlier in life

Insurance is one of the less visible trade-offs for younger members.

Members should be aware that members may lose insurance cover when they move their super out of an existing fund. Any cover attached to an existing super account does not automatically follow the balance into a new fund.

People in their thirties and forties are often carrying mortgages or supporting children, which may make continuity of cover particularly relevant. SMSF trustees need to consider whether the fund should hold insurance for its members.

Replacement cover arranged through an SMSF may involve a fresh application and assessment process, so the terms could differ from the cover being given up. Checking this before any rollover may help avoid gaps.

Costs and time while balances are still growing

Younger trustees often start with smaller balances than people nearing retirement, which can make fixed costs weigh more heavily. Some costs, such as the audit and annual return, apply regardless of how much the fund holds.

Typical costs include accounting and tax services, the annual independent audit, Investment fees, legal services, and any financial advice fees. It notes that these costs can exceed those of a large retail or industry fund.

The levy itself is modest. According to the ATO, a new SMSF pays $518 in its first year, covering two years, and $259 a year after that.

Time is a cost as well. On average, trustees spend on average more than eight hours a month on their fund, or over 100 hours a year. For people juggling careers and young families, that commitment may be significant.

Responsibilities that come with control

Control also brings accountability. Trustees are always legally responsible for the fund's decisions even when they use an adviser — trustees are always legally responsible for the fund's decisions, even when they rely on an adviser.

Each member generally needs to be a trustee, or a director of a corporate trustee, so every member shares that responsibility.

Some trustees set up a fund with a partner or relatives, and an SMSF can have up to six members. trustees are responsible for decisions made by fellow trustees, even those they were not personally involved in.

SMSF members also give up certain safety nets. If a fund loses money through theft or fraud, members cannot access government compensation, and SMSFs are outside the Australian Financial Complaints Authority.

For younger trustees, these points may deserve as much weight as investment choice, since their savings could be exposed to such risks for a longer period.

The bottom line

Australians aged 35 to 44 now make up the largest share of new SMSF members, reshaping a sector in which 85 per cent of members are still 45 or older. Industry leaders link the shift to lifelong exposure to compulsory super, a 12 per cent super guarantee and a desire for more control. For younger trustees, insurance continuity, fixed costs on smaller balances, time commitments and the long duration of trustee responsibility are all factors that may shape how an SMSF fits individual circumstances.