SUPER AND THE GENDER GAP
Latest available research shows that women’s superannuation balances are 28% lower than those of men. This figure reflects the average superannuation account balances of $121,322 for women and $168,474 for men.
Why women accumulate less super
Unpaid care. Women are more likely to take more time out of paid work to care for families. (1)
Part time and casual employment. Women are more likely to work part time, and represent only 42% of full-time workers. (1)
22.8% — The gender pay gap. On average, women earn 22.8% less than men and are generally under-represented in management. (1)
Women also live longer than men, which means it’s even more important they have enough super to last in retirement. (2)
What a comfortable retirement looks like
It is important to understand how much is enough in retirement.
Media Super calculators are there to help you work out how much you need in retirement.
How you can take control of your super
Make sure your employer is paying your super. Regularly check your super balance and ensure your insurance and investment options are right for you.
Top up your super by adding a little extra. Making extra contributions — even small amounts — can make a big difference.
Combine your super. Consider consolidating your super into one account and avoid paying multiple fees.
Find your lost super. There are 6 million lost and ATO-held super accounts4. Find out if yours is one of them by logging into MyGov and linking your ATO online account.
Insurance. Check your insurance and make sure you’re protected.
Seek advice and education. Our Advice Services team is available to assist members and we offer a range of education webinars on our website.
There’s a lot you can do to boost your super and improve the quality of your retirement. And if you need help, just give us a call on 1800 640 886.
Table Sources:
*Lifestyle budgets: ASFA Retirement Standard — Budgets for various households and living standards for those aged around 67 (September quarter 2022, national); both budgets assume own their own home and are relatively healthy http://www.superannuation.asn.au/resources/retirement-standard
# The lump sums required assume that the retiree/s will draw down all their capital and receive a part Age Pension. All figures in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent.
All figures are in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent.
1. Workplace Gender Equality Agency, Women’s economic security in retirement Insight Paper, Feb 2020. Access March 2022
2. Australian Bureau of Statistics, Life expectancy hits a new high, 4 November 2021.
3. Source: ASFA Superguru. Women and Super. Accessed on 06/02/2023
4. As at June 2020. Accessed: Feb 2022
This information is about Media Super and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Read the relevant Product Disclosure Statement to decide if Media Super is right for you. Call 1800 640 886 or visit mediasuper.com.au for a copy. Also read the relevant Target Market Determination at mediasuper.com.au/tmd. Insurance is issued under a group policy with our insurer TAL Life Limited ABN 70 050 109 450 AFSL 237848.
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 offering Media Super products (Media
