Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Retirement

Boosting super as simple as buying the weekly groceries

By Grace Ormsby · October 18 2019
Reading:
egg

Retirement

Boosting super as simple as buying the weekly groceries

By Grace Ormsby
October 18 2019
Reading:
egg
Boosting super as simple as weekly groceries

Boosting super as simple as buying the weekly groceries

author image
By Grace Ormsby · October 18 2019
Reading:
egg
Boosting super as simple as weekly groceries

A new shopping platform wants to help Australians top up their superannuation by harnessing the power of their online spending habits.

Super Rewards is a new company aiming to address what it calls the “shocking” superannuation imbalance that exists between men and women.

Customers nominate their super account on the platform, shop using the online portal, and are rewarded for their everyday online purchases.

The goal of Super Rewards is to enable the 76 per cent of women who either don’t work or work part-time to consistently contribute to their financial future for free.

The platform is not designed to encourage people to spend and be rewarded, but instead monetise the $2.2 trillion of unpaid work that Australian women perform every year.

Advertisement
Advertisement

“Super Rewards was created to recognise the invaluable work undertaken in homes across the nation and provide women with an opportunity to contribute to their super every day, recognising that women make 79 per cent of household spending decisions,” said company co-founder Pascale Helyar-Moray.

“The simple reality is that the superannuation system was not built for women”, she continued, pointing to the “lofty” targets set by governing bodies.

ASIC has outlined that the average Australian should aim to put away $545,000 for their retirement, but according to superannuation advocacy body ASFA, only one in five women will meet this target.

Ms Helyar-Moray said such targets “are unrealistic for women, given the time they spend out of the workforce, contributing to their families and the community as carers and volunteers”.

Super Rewards has highlighted that the average woman retires with 42 per cent less super than men.

This equates to $113,660 less than men, or in living terms, only enough for six years of retirement.

Industry Super Australia has also compiled research on the issue, with its analysis as showing a staggering 40 per cent of single women in Australia are retiring below the poverty line.

How does it work?

According to Ms Helyar-Moray, “Super Rewards will allow women to top up their super, simply by doing their normal shopping and life admin.”

While the service has been designed with women in mind, the platform is anyone with a superannuation account or a self-managed super fund in acknowledgement of the fact that “there are many sectors of the community who could benefit”.

Customers shop using the online portal and are rewarded for everyday tasks that they are already doing: buying groceries, clothes for the family, homewares or even booking a holiday.

More than 100 brands, including Woolworths, THE ICONIC and Freedom, have signed up for the program, which will see retailers provide cash back rewards to Super Rewards customers that will be transferred directly into the individual’s superannuation account.

If women were to add $30 to their super account each month, they would have a quarter of a million dollars extra when they retire.

“It’s the first step towards providing women with a more equal footing for retirement and, for many women, could be the difference between economic freedom or financial poverty,” the co-founder concluded.

Boosting super as simple as buying the weekly groceries
Boosting super as simple as weekly groceries
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

LATEST POLL

Are you seeking alternatives to equity and property in the next 12 months?

Yes - 44.4%
No - 55.6%

Total votes: 473
The voting for this poll has ended

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.