According to experts, it is possible to add thousands of dollars to a superannuation balance by simply changing the way we shop.

Programs such as Super-Rewards, Boost Your Super and women’s tailored superannuation fund FairVine have partnered with hundreds of retailers to reward shoppers by paying a commission to their superannuation fund for each online purchase.

In a conversation with nestegg, Super-Rewards founder and CEO Pascale Helyar-Moray stressed the growing inequality between women and men, the slow pace at which policy moves, and how the private sector needs to step up for women today.

Ms Helyar-Moray, who is also director of communications at the Australian Gender Equality Council, said barriers to entry and a higher proportion of unpaid labour are leading to poorer retirement outcomes for women.

Taking aim at government policies, she pointed out the impracticality of the often-used message urging women to top up their super.

“It was illogical because when 40 per cent of women aged 18-64 are not in the workforce, how exactly are they supposed to top up their super?” she questioned. 

“I thought this is crazy, there’s all these other barriers for women – the cost of childcare, lack of flexible work practices – and I thought there has to be a way to leverage the fact that women make 80 per cent of the household spending decisions and that women carry so much of the caring responsibility,” Ms Helyar-Moray explained.

And with that, Ms Helyar-Moray said she came up with an idea to help women get ahead in retirement. Namely, Super-Rewards – an online shopping platform with over 400 major retailers such as Apple, eBay, and Catch – was born, allowing women to turn everyday purchases into a growing superannuation balance.

According to the FAQ on the website, membership is free and retailers deposit funds into over 180 super funds that accept voluntary contributions. 

COVID shifted focus, now it’s time for government to act

While the COVID-19 pandemic has lifted Australia’s awareness of superannuation due to the early access to super scheme, Ms Helyar-Moray said it unfortunately will only widen the divide between men and women.

“Women retire with 58 per cent, was certainly correct, but we’ve had COVID. As a result of the early access to super measurers, some $36 billion came out of the super system.

“What the Alpha-illion research showed was women withdrew the full $20,000, whereas men tended not to withdraw the full amount.

“Post-COVID, and we won’t know the full impact for five to 10 years, I think we are going to see that number become a lot smaller,” she explained.

Ms Helyar-Moray said COVID achieved the impossible, which was to get Australians engaged with their superannuation, but government intervention is now vital to help rebuild these balances.

“It is not a total – we need government intervention to create a total solution, but it is going to help,” she concluded.