The peak not-for-profit superannuation body 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.
Inequalities in salaries combined with the financial impact of maternity leave mean women only hold 37% of total superannuation balances, compared to 63% of men. This gender gap is perpetuated by the fact that 81% of women report having no active engagement in their super.
This International Women’s Day, ASFA recommends three simple ways that women can take action:
Simplify your super: roll your super accounts into one – to get started, visit www.ato.gov.au/superseeker
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
Bump it up: make voluntary contributions. If you’re planning for a baby, consider adding 1% to your super for your working life – visit www.superguru.com.au for more information.