Commonwealth Bank of Australia has teamed up with Colonial First State, its wealth management arm, to launch a new superannuation product that targets unadvised Generation Y clients.

Essential Super, the new offering, will be available via the bank's online platform, Netbank, as an add-on to customer transaction accounts. The default option, called Lifestage, will expose clients into a mix of investments suited for their age, which then changes as they get older. Customers may choose among balanced, Australian shares or cash options.

"The primary target is younger people starting out in their job who are looking for a simple product that's easy to take with them throughout their career," said Linda Elkins, executive general manager for Colonial First State.

The investments will be managed by the FirstChoice multi-manager team, headed by Peter Chun, general manager for product and investments. FirstChoice manages some $25 billion for various clients.

The younger generation are the target for most of the financial services launched over the past months. Just a few days ago, the Australian Securities and Investments Commission introduced a range of financial tools and resources that will help clients aged 16 to 25 years old keep their finances in check.