Verve Super, Australia’s first superannuation fund built for women, by women, to tackle inequality in the financial system, has launched today.
The superannuation fund, which is the first to rule out investing in companies which won’t commit to adding women to their board, is designed to maximise retirement savings by providing coaching and mentorship to members, and product features like a parental leave fee pause.
CEO and founded of the fund, Christina Hobbs, said the financial services sector was failing women, with men leading 93 per cent of the financial services companies in Australia.
“As a community of women who care about building the financial power of women, we are in a unique position to harness our membership and agitate for policy and corporate changes to support all women,” said Hobbs.
Alex Andrews, head of member and community advocacy, said by 2025, Australian women would hold an estimated $1.5 trillion in superannuation assets, and, in the hands of women, the funds could be used to drive changes in corporate Australia.
The fund would also offer services tailored for women, including tech-enabled financial coaching, resources and events matched to the goals, incomes and life cycles of Australian women.