The gender gap is still clear when it comes to superannuation, with latest data from the ABS* showing that on average, men retire with 80% more superannuation savings than women. That’s a big difference, a difference that makes it more likely for women to have to rely on Government pensions than men.
In the 55-64 age group, men have 79% more super than women, while in the 30-34 age group men already have 70% more super saved. And overall, men hold 64% of total super balances and receive 65% of tax concessions given to super members.
Interestingly, the average AvSuper balance is $242,000 for men and $141,000 for women, both being higher than average for Australia. You can find more statistics on super between the genders on our super for women page.
So what can we do about it?
While there is little we can do to reduce the gender gap in the short term as individuals – changes to legislation for concessions and societal changes for equal wages will take bigger effort – there are things we can do for ourselves and for all the women in our lives.
- talk to the women in your life to ensure they understand the basics of super and building a long-term financial future.
- remember that a man is not a financial plan – women need to build up their own savings, too.
- make personal contributions – and encourage others to do the same. At AvSuper it’s easy – make ad hoc contributions to our bank account and tell us via our online form, or set up regular payments via your employer or banking facility.
- if you’re part of a couple, look into spouse contributions and the related tax offset as a possible way to even up your retirement savings.
- talk to an AvSuper Member Advice Consultant to maximise your options, whether it is a different investment strategy or the most effective way to make contributions in your current circumstances.
* Australian Bureau of Statistics “Superannuation account balances by age and gender” December 2015