Women still lagging on super
GOLD Coast women are retiring with 29 per cent less superannuation than men, according to research from QSuper.
QSuper member data shows men retiring between the ages of 56 and 70 have an average of $297,000 compared to $211,000 for women, a gap that has grown more than 15 per cent in the past five years. However, this was an improvement on the state average which was a gap of 32 per cent.
QSuper chief executive Michael Pennisi said the growing gap was a concern.
“As an industry we need to focus on reducing the super gender gap by providing our female members with advice, education and assistance to ensure they too enjoy a financially secure retirement,” he said. Mr Pennisi said there was still a long way to go to achieve more balance between men and women.
“Superannuation reforms from July 1 will certainly assist the gender divide, but while government policies can contribute as an industry we need to fight this problem this on all fronts.”
QSuper research cites lower average wages for women and time out of the workforce to raise children or care for elderly parents as key contributors to the super divide.
Tax concessions for those on higher incomes, which tend to be men, is another factor.
Mr Pennisi encouraged women to better understand their superannuation and investment options. He said they should also consider strategies such as consolidating funds, locating lost superannuation and contributing extra from a younger age.