The Super Gender Gap: why it exists and what you can do about it

DID you know that when it comes to super, women are generally far worse off than men? But it doesn’t have to be that way.

Did you know that when it comes to super, women are generally far worse off than men? For example: recent figures show men on average retire with about $197,000 in their superannuation accounts. Women, on the other hand, average a super account balance at retirement of just $105,000.

AustralianSuper Group Executive Georgina Williams said: “Around 90 per cent of women are likely to finish their working lives with too little in super savings to fund a comfortable lifestyle in retirement. One in three women will retire with no super at all.”

Why is this so? Women tend to be in lower-paid jobs than men, so their super guarantee payments (the compulsory 9.5 per cent contribution from your salary) are lower.

And many women are casual or part-time workers, again with lower wages. Women also tend to be the ones who take time out of the paid workforce to care for children or other family members.

But don’t panic, act. Consider consolidating all your super accounts into one, so you pay only the one set of fees.

It’s easy to do online through your super fund’s website. Compare funds to make sure your fees aren’t excessive.

You also may qualify for the government’s Low Income Super Contribution, of up to $500 a year.

Finally, try to find even a few extra dollars each pay cycle to commit to your super. Even small regular contributions can really add up.