New research prepared by the Association of Superannuation Funds of Australia (ASFA) has confirmed that women still lag substantially behind men when it comes to their superannuation savings.
According to Australian Bureau of Statistics (ABS)-sourced data released by ASFA in its comprehensive report, An update on the level and distribution of retirement savings, the average superannuation account balance at retirement for females is around $105,000. By contrast, the average male will retire with almost double this amount, with an account balance of $197,000.
There is also a strong gender gap when it comes to current superannuation account balances, with women having an average of $44,866, while men have, on average, almost double this, with a balance of $82,615. The disparity is universal across all age groups.
In light of the new figures, ASFA is urging all women to take one hour out of their day on International Women's Day, 8 March 2014, to sort out their super in the Super Sorter Power Hour.
ASFA CEO Pauline Vamos said: "The data released today confirms that females still have a lot of catching up to do when it comes to their superannuation savings. We know people are time poor and for many women, who are juggling things such as work, kids and other chores, sorting out their super is the last thing they have time for. However, the tough reality is that around 90 per cent of women will retire without enough in their super account to fund their lifestyle in retirement.
"International Women's Day is all about empowering females, and what could be more empowering than knowing you will be financially secure for all of your retirement years? There are many things in life that we cannot control, but taking control of your super today could add thousands of dollars to your retirement savings, which is why we are encouraging all women to take 60 minutes out of their day tomorrow to get their super sorted," Ms Vamos concluded.
Super Sorter Power Hour Tips
- Check your super savings
Get to know your super better by checking your balance regularly, as well as the insurance and investment options you have, to make sure they are the best fit for your circumstances.
- Simplify your super by rolling all your super accounts into one
Consolidating your accounts and/or tracking down your lost or unclaimed super could save you thousands of dollars in unnecessary super fund administration fees, which over time can make a massive difference to your retirement savings.
- Plan to save more
Even small additional contributions to your super over time can help boost your retirement savings by thousands of dollars. These extra contributions can help you catch up on the savings time you missed, for example when you take time out to have a baby.
For further information on how to get the most out of your superannuation, visit www.superguru.com.au.
For further information, please contact:
Lisa Chikarovski, Media Manager, 0451 949 300.