New research shows that the superannuation gender gap has closed, somewhat, over the past nine years, but remains at almost 40%.
Research by Roy Morgan Research shows that, for people intending to retire soon, females have an average balance of $158,000, or 60.8% of the average male balance of $260,000.
“The gender gap has closed considerably since 2008 when the female balance was only $79K or 55.2% of the average male superannuation balance. A great deal of publicity has been given to this issue and it has obviously increased awareness and effort to improve retirement funding for women,” said Roy Morgan Research.
“Despite real gains in employment for women, adequacy of women retirement funds remain well behind that of men,” said Norman Morris, Industry Communications Director for Roy Morgan Research.
“It appears some progress has been made over the last nine years but these small gains indicate it will take some considerable time and changes to superannuation conditions for females to achieve an adequate level of superannuation more equivalent to their male counterparts”
“Of course retirement funding is not just about superannuation as Roy Morgan’s research has identified the financial position of intending retirees is enhanced by over $100K if other investments are included, and an additional $220K if the value of the home is taken into account.”
The statistics come from the Roy Morgan Consumer Single Source survey, and is based on Australians aged 25 and over who intend to retire in the next 12 months.