Superannuation

Women can face unique challenges when it comes to retirement savings. Lower pay, time out of the workforce to raise children and running a single-parent household can make it challenging to build a reasonable amount of super.

Women also tend to live longer than men, making it even more essential for them to accumulate enough superannuation to last through retirement.

Workplace Gender Equality data shows that a gender pay gap in average annual earnings for full-time permanent employees results in an annual shortfall in superannuation contributions for women compared to men.

In 2017–18, the median superannuation balance at, or approaching, preservation age (55 to 64 years) was $119,000 for women and $183,000 for men.

More information:

• Gender Indicators, Australia: Superannuation Australian Bureau of Statistics
• MoneySmart: Superannuation and Women ASIC
• The Facts About Women and Super Women in Super