Women still lagging men on super
Women are still significantly trailing men when it comes to superannuation and have been urged to step up their savings.
Despite efforts to narrow the gap, the average woman still retires with nearly half the superannuation of her male counterpart, with $105,000 compared to $197,000 for the average Australian man, according to Australian Bureau of Statistics.
It’s a similar story with current superannuation account balances, with the average woman holding $44,866, while men sit on almost double at $82,615, according to data included in the Association of Superannuation Funds of Australia’s (ASFA’s) most recent snapshot.
In light of the findings, ASFA has called on women to spend an hour sorting out their super.
“There are many things in life that we cannot control, but taking control of your super today could add thousands of dollars to your retirement savings,” ASFA CEO Pauline Vamos said.
“The data released confirms that females still have a lot of catching up to do when it comes to their superannuation savings.
“We know people are time poor and for many women, who are juggling things such as work, kids and other chores, sorting out their super is the last thing they have time for.
“However, the tough reality is that around 90 per cent of women will retire without enough in their super account to fund their lifestyle in retirement,” she said.
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