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.
The average Australian woman currently retires with about $112,000 in superannuation savings, compared to $198,000 for men.1
35 per cent of women have no money prepared for retirement and one in three Australian women do not have any superannuation at all, including 60 per cent of women aged 65 to 69.2
- Gender Indictors, Australia: Superannuation Austalian Bureau of Statistics
- MoneySmart: Superannuation and Women ASIC
- Superseeker (find lost super) Australian Taxation Office
- The Gender Gap in Retirement Savings Australian Human Rights Commission
- Women and Super Australian Taxation Office
- Women's Money Toolkit ASIC
- Australian Institute of Superannuation Trustees and Women in Super, Women's Super Summit Report (2014).
- Association of Super Funds Australia, An update on the level and distribution of retirement savings (2014).