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.
According to the Association of Superannuation Funds of Australia (ASFA) nearly 90% of Australian women have insufficient super to support a comfortable retirement. ASFA CEO, Pauline Vamos, said allowing a 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. “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,” Vamos said.
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.