Superannuation can help address the gender gap in retirement but is not a panacea, according to Rice Warner.
In an analysis, the research house said super could reinforce efforts to increase female wages relative to males, and to set aside enough for retirement.
Looking at targeting females. For example, we could pay additional SG contributions for younger females, say 2%, up to age 30. Backed by strong education, this will empower females to think of their retirement at an earlier age. They should be shown how extra contributions will close the retirement gender gap.
Rice Warner said those who fell behind could be supported in retirement through social housing and/or increased rental assistance.
Attribution of the gender gap in superannuation balances at retirement (50th income percentile)
Source: Rice Warner
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After a successful inaugural event last year, the Women in Finance Summit is returning in 2024 with more business insights and networking opportunities.
Super Review is now accepting nominations and submissions for the Women in Finance Awards, to be held in November 2024.