The great super balance divide

1 November 2022
| By Laura Dew |
image
image
expand image

The gender superannuation gap has been evidenced in recent Savvy research with almost half of men having a balance of more than $100,000 compared to 24% of women.

The survey of over 1,000 adults found 44% of men had a super balance of more than $100,000, 16% had a balance of over $200,000 and 7% had more than $400,000.

This compared to 24%, 9% and 4% of women for the same balances respectively.

Almost half of women had less than $50,000 in their super accounts.

The national gender pay gap was 14% with women in Australia earning $263.90 less than men which was having a knock-on effect of reducing their super as well as their salary.

Over half (57%) of people said they were not making any additional contributions to their super. For those who opted to make extra contributions, 15% added an extra 1%-5% of their income while 8% contributed 6%-10%.

There was also a lack of confidence in securing a comfortable retirement with 52% of people aged 45-54 and 40% aged 55-64 feeling unconfident or not confident at all that they would have enough to retire with at 65.

Youthful optimism reigned, however, with only a quarter saying they did not feel confident in achieving a comfortable retirement.

Savvy said more needed to be done to educate people on how they could grow their super to achieve a comfortable retirement.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

12 minutes 51 seconds ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

5 hours ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

23 hours ago