In light of the 100th Anniversary of International Women’s Day, the Association of Superannuation Funds of Australia (ASFA) has encouraged women to get more involved with their super and narrow the gap between men and women in terms of super balances.
The average account balance for a man is two thirds greater than the average account balance for a woman, according to ASFA chief executive, Pauline Vamos.
There is a great deal that women could do to improve their prospects of a comfortable retirement and get more involved with their super, according to Vamos.
“Women are still significantly worse off than men, despite almost 20 years of compulsory superannuation,” Vamos said.
“While Canberra must address superannuation policy settings which adversely affect women, women can and must take control of their finances,” Vamos added.
ASFA urged all women, whether they were super fund members or self-managed super fund trustees, to insist they were involved and to ask about how their money was being invested.
Super consolidation, salary sacrifice and additional contribution were also among tips offered by the association.
“The bottom line is: women live longer than men and they are going to need to look after themselves,” Vamos said.
