Shares end the 22 EOFY year in Red - But Chant West says don’t panic 😱

Chant West senior investment research manager, Mano Mohankumar, is acknowledging super balances will end the financial year in the red ….

But suggests that people  should not panic and sell

Why?

“This is only the fifth decrease in 30 years comes on the back of the outstanding 18 per cent return in financial year 2020/21, the second best in the history of compulsory super.”

You risk missing out when markets rebound – as they will at some point. 

Those who switched to cash during the Covid-19 market meltdown missed out on $110,000 in returns by panicking, Chant West’s research showed.

2030 predicted Growth - expectation that cash is not a place to hold your assets long term 

A member who had $300,000 in super savings at the beginning of 2020, were projected to have $480,000 in super by the end of 2031 if they stuck with their growth fund.

But a switch to cash in March 2020, would mean they have just $369,000 by the end of 2031.