“Real progress” made on super gender gap, down to 27.8%

In the last decade the superannuation gender gap has narrowed from 40.9% to 27.8%.

According to the latest figures from Roy Morgan, the average super balance of women in 2008 was $68,000, or 59.1% of the average male super balance of $115,000 (a gap of 40.9%). By 2018 the gap had narrowed, to an average balance for women of $127,000, or 72.2% of the $176,000 average male balance (a gap of 27.8%).

Roy Morgan said that a “great deal of publicity has been given to this issue in an attempt to close the gap and improving the retirement funding of females” and that this had “resulted in real progress”. Read more...

Super gender gap at retirement is 43%, or $132,000

The superannuation gender gap just before retirement is currently 42.7%, or $132,000.

Roy Morgan Research finds that the average superannuation held by women planning to retire in the next twelve months is $177,000 – which is 57.3% of the balance of men at the same stage, who have $309,000 on average.

The super gender gap has shrunk slightly since 2008, when it was 44.76% ($78,000 to $143,000).

“Despite a great deal of publicity being given to this issue over the last decade in an attempt to close the gender gap in superannuation, there has been no real progress. This is evidenced by the fact that it has taken ten years for the female average superannuation for intending retirees to move from 55.2% of the male average to 57.3%,” said Roy Morgan Research. Read more...

Financial advice could help close superannuation gender gap

Seeking professional financial advice could help close the superannuation gender gap.

According to Roy Morgan Research the superannuation gender gap is 28.1%, with women on average having only 71.9% of the balance of men – $133,000 compared to $185,000. Though this is slowly closing – in 2013 the average super balance of women was $99,300, which was 67.5% of the average male balance of $147,100.

“There are obviously a number of factors that account for these differences but getting better advice on such a complex subject would be likely to help,” said Roy Morgan Research. Read more...

Closing gender pay gap won’t close superannuation gap, ISA finds

Closing the gender pay gap won’t close the superannuation gender gap, an analysis of ABS data by Industry Super Australia has found.

“Even if we close the gender pay gap, workforce spells and lost compound returns will see women continuing to retire with much less super than me,” said Industry Super Australia.

Comparing all workers of the same age and income, the analysis finds the superannuation gender gap starts at 14.6% at ages 25-34 and peaks just before retirement, at 47.4% for the 55-64 age range. Read more...

Career breaks cost women almost $160,000 in retirement savings

Taking a career break costs Australian women $159,590 in retirement savings, new research has found.

The research, commissioned by the REST Industry Super fund, indicates this is one factor contributing to the $283,141 superannuation gap between women and men at retirement.

Two-thirds of working Australians take at least one career break at some point, with an average of 3.5 breaks overall. Breaks for health reasons are the most common, particularly for men. The research found that only 16% of women made a superannuation contribution during their career break and only 6% sought professional advice before the break. Read more...

Women finally getting more superannuation, ASFA finds

The super system is delivering bigger super balances across the community and lifting the living standards of retirees, says the Association of Superannuation Funds of Australia (ASFA).

“However, while women now have a bigger slice of superannuation benefits, they are still behind men when it comes to average balances,” said ASFA.

The average balance in 2015/16 was $111,853 for men and $68,499 for women, based on an analysis of the latest ABS statistics.

This is “well up”, ASFA says, compared to 2013/14 when it was $98,535 for men and $54,916 for women. In 2011/12 if was $82,615 for men and $44,866 for women. Read more...

Superannuation gender gap has decreased over past nine years: research

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. Read more...

Motherhood most significant explanation for super gender gap

Motherhood is the most significant explanation for the superannuation gender gap, new research has found.

According to the latest figures women are retiring with around half as much superannuation, 53%, as men. Surveys conduced by the Australian Services Union (ASU) indicate that motherhood is a significant factor in this superannuation gender gap. Though the report of the findings, made in collaboration with the think tank Per Capita, ‘Not So Super, For Women: Superannuation and Women’s Retirement Outcomes’, notes that there is no single explanation. Read more...

LISTO must be passed to help close superannuation gender gap

LISTO, Low Income Superannuation Tax Offset, superannuation legislation, Budget 2016, super gender gap, Industry Super AustraliaIndustry Super Australia says the Low Income Superannuation Tax Offset (LISTO), announced in the 2016 Budget, must be legislated to help close the gender gap in retirement savings.

Pointing to ABS figures, Industry Super Australia (ISA) says that men retire on average with $322,000 in superannuation, compared to $180,000 on average for women.

“Too many Australian women are continuing to retire with substantially less superannuation than men. Unless we start to close the gap, many will be forced to rely on the pension, well below a comfortable standard of living, despite a lifetime of working hard and caring for family, in paid and unpaid roles,” said ISA Chief Executive, David Whiteley. Read more...

2016/17 Budget must help close super gender gap: ISA

superannuation gender gap, 2016/17 Budget, Low Income Superannuation Contribution (LISC), Industry Super Australia (ISA)Industry Super Australia says the 2016/17 Federal Budget must include policies to help close the superannuation gender gap.

“Poorly targeted tax concessions are fueling a 45% super gap between men and women with new analysis showing women, lower paid and part-time workers missing out on much-needed help to save for retirement,” said Industry Super Australia (ISA).

Research released by ISA indicates the superannuation tax concessions are structured to benefit “full-time breadwinners in high paying jobs rather than a growing share of the workforce that works part-time”. Read more...