Taking action on the gender gap in super

Did you know?

• Women retire, on average, with $105,000 in super savings – $92,000 less than men
• 1 in 3 women will retire with no super savings at all
• Around 90 per cent of women will retire with inadequate savings to fund a ‘comfortable lifestyle’ in retirement.

There are a number of reasons why this is the case. For example, many women take time out of the workforce to have children or care for family members, and they are also more likely to be in part-time or lower-paid employment. No matter what the reason is, there’s no doubt women have a much bigger task when it comes to saving for retirement.

The Association of Superannuation Funds of Australia (ASFA) suggests there are also a number of simple steps women can take to help boost their super savings.

1. Check your super savings

Get to know your super better by checking your balance regularly, as well as the insurance and investment options you have to make sure they are the best fit for your circumstances.

2. Simplify your super

Consolidating your accounts and/or tracking down your lost or unclaimed super could save you thousands of dollars in unnecessary super fund fees, which over time can make a massive difference to your retirement savings.

3. Plan to save more

Even small additional contributions to your super over time can help boost your retirement savings by thousands of dollars. These extra contributions can help you catch up on the savings time you missed, for example when you take time out to have a baby.

For more information on how to take these steps, contact the NSF Super team or visit ASFA’s SuperGuru website.