Retirement
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19.
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19.
The current national gender pay gap of 12% means women must work an additional 50 days into the new financial year to earn the same as men did in the previous year, according to the Workplace Gender Equality Agency (WGEA).
Rose Kerlin, AustralianSuper's Chief Member Officer, highlighted the far-reaching consequences of this disparity.
"The gender pay gap doesn't just affect wages; it permeates every aspect of women's lives," Ms Kerlin said. "Women, on average, earn $238 less per week than men, significantly impacting their lifetime earnings, superannuation savings, and retirement security."
AustralianSuper's analysis reveals stark differences in retirement outcomes between men and women. A 30-year-old man with average earnings can expect a superannuation balance of $882,000 at retirement age, compared to $737,000 for a woman - a $145,000 difference.
The fund's insights also show:
- Only 39% of women feel confident about living well in retirement, compared to 53% of men.
- Women taking 10 years out of the workforce have on average 12% less income in retirement.
- Women aged 60-64 have an average super balance of $260,981, compared to $338,655 for men.
Ms Kerlin emphasised the need for collaborative action from businesses, government, and individuals to address these inequalities.
"Employers can play an important role in supporting women's retirement savings by paying super on parental leave, and offering flexible work arrangements," she said.
The fund welcomed the government's recent introduction of superannuation payments on Paid Parental Leave but stressed more action is needed.
Ms Kerlin offered advice for women to improve their retirement prospects, including discussing superannuation options with employers, collaborating with partners on contributions, and taking an active role in managing their super.
"Your employer contributions are one piece of the puzzle, but you should also take ownership and be engaged with your super," she said.
AustralianSuper, which manages over $341 billion for more than 3.4 million members, has been recognised as a WGEA Employer of Choice for Gender Equality for 13 years.
RELATED ARTICLES
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
