By Peter Lynch, Campaign Director 

Our Supawomen campaign has soared just seven days after launch, with support from some of Australia’s biggest companies and thousands of women voters pledging they will write to their MPs to demand government action.

Telstra, the ACTU, Industry SuperFunds, Australian Super, Australian Retailers Association and KPMG are just some of the household names who are joining our call for a fairer super system and advice for young women about the important of superannuation savings.

We are also calling for super to be paid on parental leave.

Since we launched last week, we’ve been in front of 270,000 top decision makers in the Financial Review newspaper, we’ve had tens of thousands of social shares and thousands have sent letters to ministers and MPs asking for change.

Our exclusive poll of 2,000 voters shows that 70 per cent don’t think they have enough to retire, and 62 per cent don’t know how much they need.

Top names are also supporting the push to help women win fairer super.

Alison Kitchen, chair of KPMG, says: ” A combination of greater levels of part-time work, employment in lower-paid industries, lower hourly rates of pay for women compared to men and less time in the paid workforce during their working years results in pronounced gender pay, income and superannuation gaps.

“While there are a range of reasons that contribute to unequal superannuation retirement balances between men and women, predominantly the leading factor is time out of the workforce to be the primary carer of young children.”

Alison KitchenAlison Kitchen Chairman KPMG Australia

“It is inexcusable in our ‘lucky country’ that any women live their last years in financial disadvantage simply due to looking after their family. A cultural shift is needed to change the financial inequality in superannuation for women, ” says Caroline Gurney, CEO of Future General.

Caroline GurneyCaroline GurneyCEO Future Generation

The boss of the biggest superannuation fund, AustralianSuper said: “Introducing the superannuation guarantee for paid parental leave is an important step to address the financial inequality faced by many women in retirement. Australia’s superannuation system should be the world’s best and allow all Australians to live well in retirement.”

Paul SchroderPaul Schroder CEO AustralianSuper
Greg Combet told us: “The gender gap in superannuation balances continues to be a persistent problem in every state and territory in Australia, with government forecasts warning the savings divide will continue for at least the next four decades.

“Paying super on its parental leave scheme would be a concrete policy measure that shows the government is serious about tackling economic inequality.
“The modest super guarantee payment linked to the 18-week Commonwealth parental leave pay scheme would help to ensure the savings’ of working mothers keeps pace.
“If we don’t act now to bridge the gender savings gap; we will continue to see too many women retiring into poverty.”

Greg CombetGreg Combet Chairman, Industry Super Australia

 

 

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