Of Australians have no idea how much they need to retire.
Don't think they have not saved enough
Will vote for a party that promises to make super fairer.
Join our campaign below to make super fairer for women.
*Exclusive poll by Really Simple Money 2022
The average female retires with up to $150,000 less than a man. One-third of Australian women have virtually no savings. Women 55+ are the fastest growing group among the homeless. These are women who held good jobs, had homes and nurtured families. In this election year, we are calling on the people of Australia to help make superannuation fair in 2022 by telling their political leaders what needs to be done.
We are asking the government to:
Help us to wake the government up by filling out the form below!
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.
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.
There is almost no more profound a contribution that a human can make than birthing and caring for a child. Given the importance of this work it is imperative and also highly logical to provide women with superannuation during maternity leave. ProFund the ProFound!
It is disappointing and completely illogical that women do not receive superannuation payments during maternity leave. I strongly support the campaign to bridge the superannuation gender gap for women.
Women’s superannuation benefits lag that of men due fundamentally to (on average) earning less than men, and spending less time in the paid workforce. Social and cultural changes that see men taking a greater share of caring responsibilities will help address the latter. But more urgent reform is needed in childcare, and superannuation and parental leave, to help redress the financial imbalance.
As a mother, and a business leader, I believe it is imperative to bridge the superannuation gap for women. Because the current superannuation system in Australia is linked to paid work, it overwhelmingly disadvantages women who are more likely to move in and out of paid work to care for family members. Currently the average superannuation payout for women is a third of the payout for men. Right now, many women in Australia are living their final years in poverty. We have always paid superannuation when staff take parental leave. If we don’t act now, another generation of women in our society will experience severe financial stress. I strongly encourage private and public businesses in Australia to follow suit and to contribute to the equality in our superannuation system.
Women should retire with the same average super balance as men, but don't. Lower incomes, higher levels of part time work and breaks for caring hold women's balances back. Government should mandate that super be paid under the paid parental leave scheme as a first step to ensuring equality for women in retirement.
Supporting women on maternity leave is a vital step in helping more women achieve a financially independent retirement. We know that a disproportionate number of women take time from work as primary carers. Paying super during maternity leave is one way we can reduce the impact this has on their retirement savings. And in doing so, we can help to close the gender gap in super.
The superannuation gap between men and women is a systemic issue that requires a holistic solution. Paying super on parental leave is a good first step in a raft of measures needed to make a substantial difference to the retirement incomes of women, and much more needs to be done.
Equality is very important to me and we have many policies and things in place as we work hard to create an inclusive culture. At Finder, we improved our leave policy in November last year, which included an additional five paid leave days per year for Life Leave, as well as a global paid parental leave policy that pays superannuation during the leave period. In Australia, that's 20 weeks of paid parental leave. Paying superannuation during parental leave is a key initiative to help close the gender pay gap, which many women suffer during their careers.
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.
Australia’s superannuation system is a critical income stream for millions of people in retirement, but the unfortunate reality is there’s a persistent imbalance between men and women and the nest eggs they have saved up over their working lives. We need to address the super balance gap and ensure women are not worse off when they take career breaks to have and care for children.
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.
A woman's work is never done - not by men anyway. Not only do women still not have equal pay and get concussion hitting out heads on the glass ceiling but we're also expected to clean it while we're up there. Even worse, women face a second glass ceiling at home. Even though women make up 50% of the workforce, we're still doing about 99% of all the housework and childcare. The only way to ensure equality for women in retirement is for the Govt to mandate that super be paid under the paid parental leave scheme.
Financial freedom for most of us is about doing the smart things while working to secure a good retirement. While contributions into super are tied to work and salary the gender gap will only increase. We need to be creative and help women independently secure their retirement. Making it easier to navigate super before retirement will be critical.
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