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ASFA rallies employers to give Aussie women sixty minutes to sort out their super this International Women’s Day

Media Release 7 March 2013

7 March 2013

SIXTY MINUTE SUPER INCENTIVE

ASFA rallies employers to give Aussie women sixty minutes to sort out their super this International Women’s Day

The Association of Superannuation Funds of Australia (ASFA) is rallying Australian employers to give women an hour out of their working day, this International Women’s Day (Friday 8 March), to help them take control of their superannuation.

Spearheaded by ASFA CEO, Pauline Vamos, the sixty minute reprieve to focus on super is an important step to help busy working women take control of their super and close the gender gap.

“Still nearly 90 per cent of Australian women have insufficient super to support a comfortable retirement. For many women, finding the time to take control of their super is a real struggle. By giving women this time on International Women’s Day, we are taking an important first step to helping close the superannuation gender gap and take control of their super,” said Ms Vamos.

Australian women may be among some of the most economically empowered in the world[1], but inequalities in salaries combined with the financial impact of maternity leave mean women only hold 37 per cent of total superannuation balances, compared to 63 per cent of men.

This gender gap is furthered by the fact that 81 per cent of women report having no active engagement in their super.[2]

This International Women’s Day, ASFA recommends three simple ways that women can take action:

  1. Simplify your super: roll your super accounts into one – to get started, visit www.ato.gov.au/superseeker.
  2. Take an active interest in your super: ensure you check your super balance and insurance arrangements regularly and get to know what it means. It’s your hard earned money – you have the right to know how it’s performing and exactly what you’re paying for. You can call your fund directly to get the answers to any questions you might have.
  3. Bump it up: make voluntary contributions. If you’re planning for a bub, consider adding 1 per cent to your super for your working life – visit www.superguru.com.au for more information.

Feeling inspired to take a real interest in your super right now? Log on to www.superguru.com.au and find out just how much you can be saving. ASFA’s easy-to-use calculator empowers women with clear examples of how voluntary contributions can impact super savings.

NOTES:
[1] Booz & Company, October 2012
[2] Suncorp-ASFA Super Attitudes Survey, 2012 (Wave 3 Report)

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