We care about women’s financial wellbeing

Women & super
19 April 2021

We’re passionate about supporting women’s financial wellbeing today and tomorrow. This is the second in a series of articles about women’s retirement outcomes and financial wellbeing. In this article, we outline some of the ways we’re supporting women to close the gender super gap. See our other articles to learn more about the gender super gap and how you can improve your financial wellbeing now and for the future.   

Supporting women’s financial wellbeing is an important part of the work we do to help our members achieve their financial goals and live their best possible lifestyle when they finish working.  

As a fund, we’re supporting women to help close the gender super gap. Here are some of the ways we’re helping: 

Waiving insurance fees during parental leave

We support women (and men) during paid parental leave by giving them the option to waive their insurance fees for up to 12 months (if eligible). 

To access this, members need to ask their employer to complete our Paid parental leave form. For more information and eligibility requirements see our Insurance Guide.

Age and gender-based insurance design

In 2019 we implemented a new insurance design to ensure our insurance cover remains equitable, affordable and fair for members over the long term. The cover is designed to match the typical needs of our members at every age. Gender was also introduced as a pricing factor to reflect the claims experience across all cover types. This means that women pay lower premiums for death and total and permanent disablement (TPD) cover. You can read more about our insurance philosophy here.

Hosting women’s events

We run a range of women’s events and webinars that cover topics such as our women’s retirement planning series, leadership and career development as well as hosting motivational speakers.

Education and resources

Along with our women’s events we also offer webinars and seminars on super and finance. Topics include super updates, investing, growing your super, insurance, wealth creation and retirement planning. 

You can also access online resources (like videos, calculators and interactive lessons) about finance and super topics at no extra cost in our Education Hub, so you can learn more about money and plan the future you want.

Partnering with Women in Super

Women in Super is a national advocacy and networking group for women employed in the superannuation and wider financial services industries. Women in Super works to improve women’s retirement outcomes and access to superannuation. 

Financial advice  

CareSuper members can access expert advice about super over the phone as part of their membership.* Our financial planners receive no incentives to sell advice, so you know they have your best interests in mind.

Book a call back with one of our planners today.

Valuing diversity 

It’s our view that diversity enhances results. We have many women in leadership positions across our fund to ensure women’s voices are heard. Our Board and Executive group are made up of 50% women. 

Research by Rainmaker has also shown that superannuation funds with females holding an executive position outperform their male counterparts. Rainmaker found that funds with above-average female trustees and either a female chair or chief executive outperformed their male-dominated peers by 0.6% per annum over three years, and 0.4% per annum over five years.^ While this may not sound like much it can mean a significant difference at retirement.

We also consciously seek gender diversity when making hiring decisions. And, we offer flexible work practices to enable staff with family responsibilities and for other reasons to work non-standard hours or from home.

We’re doing what we can to support women’s financial wellbeing and help to bridge the gender super gap but there’s still a long way to go. You can read more about the gender super gap here.

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

^ Money – Why women-led super funds continue to outperform published 10 March 2021. https://www.moneymag.com.au/women-led-super-funds-outperform