POWERED BY MOMENTUM MEDIA
Research highlights gender gap in superannuation
Women tend to hold much less in superannuation than men, with new Roy Morgan research showing a 40 per cent gap in the average balance between the genders.
The research, based on a study of 25,032 Australians aged 14 and over between July 2010 and June 2011, found the average superannuation balance held by women was $92,000 - 40 per cent less than the average balance for men ($154,000).
The median figure betrayed an even larger gap between the genders of 45 per cent, with the female balance at $28,000 and the male balance at $51,000.
The relatively low levels of superannuation for women are largely attributable to their lower average incomes and the fact that they tend to take time off work to have children. In addition, women tend to retire earlier and are less likely to return to work after a career break, according to the research.
Roy Morgan industry communications director Norman Morris said the reduced ability of women to make additional contributions to their superannuation meant more needed to be done to encourage them to plan for their retirement.
"With the introduction of paid parental leave, there will be the potential for increased superannuation contributions by women. But there will also be the need for products more suited to the needs of women and greater government incentives to ensure women are not adversely affected at retirement," Morris said.
Men were also in front when it came to the number of people who actually held super. According to the Roy Morgan research, only 60.9 per cent of women have superannuation, compared with 69 per cent of men.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
