Plan your Career Break
DID YOU KNOW... Making a financial plan before taking a career break could make a real difference to your future. THINK OF YOUR FUTURE
Career breaks hit women hardest, reducing average superannuation savings by nearly $160k in the long term.+ And while we are 13 per cent more likely than men to take a career break (hello holidays, babies, study time, health focus), we’re also 30 per cent less likely than men to make any superannuation plans for the impact that time will have on our superannuation in the long term. Add this little nugget to those stats – after a career break, women returning to work earn 29 per cent less than their male counterparts. Do the maths and it’s easy to see why women who have taken a career break are predicted to retire with an average superannuation balance of $283,141+ less than their male counterparts. For Mary Atley, General Manager, Brand, Marketing and Communications at Rest, the gender imbalance doesn’t have to continue. “We know health breaks can come out of the blue, but just as many are planned. Among those who took career breaks, the lack of planning for their superannuation is concerning, with only six per cent of women we surveyed* consulting a financial advisor prior to their break, and just 16 per cent making voluntary contributions to their super during that time,” she says. The good news, though, is that knowledge is power – buck the trend with some upfront financial planning. Keeping your superannuation on track is a key way to help ensure your financial security is in your control and your future is clear. At Rest, there’s support for members to maximise their super at every life stage – including during career breaks. Whether career breaks are planned or come out of the blue – it’s important to speak with a financial adviser either before, during or after a career break. Some super funds, like Rest, provide access to a financial adviser for members. A short call can make a real difference.
“It is interesting to see the large proportion of working Aussies forced to take breaks due to their health.” Mary Atley, General Manager, Brand, Marketing and Communications, Rest