Retirement
‘Deep concerns’: The reality of women’s finances
Another survey has found that the state of women’s finances are dire compared to men, a reality that will hit the Australian economy and social security budget within a generation.
‘Deep concerns’: The reality of women’s finances
Another survey has found that the state of women’s finances are dire compared to men, a reality that will hit the Australian economy and social security budget within a generation.
“These findings highlight deep concerns around the realities of retirement for women and the perception that they will not be able to adequately fund a dignified retirement,” Dr Martin Fahy, chief executive of Association of Superannuation Funds of Australia, said.
“The lack of confidence reflects how women are retiring today, with average balances at retirement a little over half those of men. Whilst the gap is gradually closing, more needs to be done to address the disparity,” he said.
“Today, around 50 percent of women retire with a very low superannuation balance under $50,000, compared with 33 per cent of men. Unless we take active steps to fix this problem, confidence will remain low,” said Dr Fahy.
The government is being pushed to create systemic change to cater for a growing population of female workers, including:
- Removing the $450-a-month threshold for superannuation guarantee
- Paying Superannuation Guarantee on paid parental leave and other income replacement payments (such as salary continuance and worker’s compensation)
- Maintaining the Low Income Superannuation Tax Offset that provides tax refunds and makes superannuation fairer for those on low incomes
- Enabling employers to contribute more for women without being considered to have breached anti-discrimination legislation
RELATED ARTICLES
Superannuation
Rest strengthens investment strategy with seasoned executive appointment
In a strategic move to bolster its investment strategy, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Andy Moser as the Head of CIO Office. This newly created ...Read more
Superannuation
NGS Super strengthens leadership with appointment of new Chief Member Officer
In a strategic move to bolster its member growth and experience transformation, NGS Super has appointed Adam Parsons as the new Chief Member Officer (CMO). Effective from 1 June 2026, Parsons will ...Read more
Superannuation
Aware Super triumphs at Chant West Super Fund Awards with top honours
In a significant achievement for Aware Super, the fund has clinched top honours at the Chant West Super Fund Awards, securing both the Super Fund of the Year and Pension Fund of the Year titlesRead more
Superannuation
NGS Super rolls out enhanced member advice services with a focus on accessibility
In a significant move to make financial advice more accessible, NGS Super has unveiled an enhanced suite of member advice services, featuring a new digital advice platform. This initiative aims to ...Read more
Superannuation
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created ...Read more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Parliamentary support heralds a fairer superannuation system for under-18s
In a significant development for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has praised the recent cross-parliamentary support for extending ...Read more
