Women and super
Australian women still trail behind men when it comes to their super. With your super being the main source of income when you stop working, it’s important to make sure you get the most from your super and understand what you can do to bridge the gap.
Key learnings covered in this topic
- What is the gender super gap
- How much super you need to retire
- How you can bridge the super gap
- Benefits to contributing to your super
The gender super gap
The most significant contributor to the super gap in retirement savings between men and women is total earnings during working life. Australia’s gender pay gap has been stuck between 13% and 19% for two decades,* with women still paid less than men in many industries, despite more modern laws and changing attitudes.
This pay gap, coupled with broken work patterns (when women take time out to care for their families and others) and women living longer, translates to women retiring with 24% less super than men.^
Improve your financial wellbeing now and for the future
Your super might be, the main, or one of your main sources of income when you wind down work. The more your superannuation balance grows through super contributions and investment earnings, the more money you’ll have for your life after work. We have some tips to help bridge your super gap.
Let’s close the gap >
There are also several other practical opportunities you can seek and take advantage of right now, so you can get ahead. Some include:
- Check your super balance and payslips regularly to ensure you’re being paid super
- If you start a new job, check your contract and any entitlements
- Ask for a pay rise, and think about adding any bonuses or pay rises into your super account
- Explore spouse contributions if your partner is earning more than you, as you could both benefit financially
- Learn and engage about super and finance with other women
- Ask your super fund how they are supporting women and super.
The benefits of contributing to your super
It’s important to not treat super as something you only need to think about when you retire.
Contributions from your employer alone may not be enough to fund your post work life. Making additional contributions to your super account can result in a significant difference to your financial future – even contributing small amounts add up over time. Some of the benefits include:
- You may be able to lower your taxable income
- Through the power of compound interest - you’ll be earning returns on your investment returns
- You may be eligible to receive up to $500 extra from the Government’s co-contribution scheme
- Confidence you’ll be well placed for greater financial freedom in retirement.
Seek financial advice through your super
We know that it can be difficult to seek help with your finances and with preparing for life after work – and women are also less likely than men to seek financial advice. That’s why we’re here to help and guide you right through to your future lifestyle.