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The $113,000 gender problem

You probably already know that women, on average, earn less than men. They also have lower super balances than men across all age groups. What you might not realise is the size of that super gap.

The $113,000 gender problem

First published: March 04 Last updated: March 26

What you might not realise is the size of that super gap.

For workers in their early thirties, men have around $10,000 more in super than women.*

But later in life, that gap gets much bigger.

According to the Association of Superannuation Funds of Australia (ASFA), a typical male worker has a super balance of more than $270,000 when they retire.*

On average, women retire with $157,000 – a $113,000 shortfall. Worse still, one in three women face retirement with no super savings at all.*

A social problem

That shortfall can create major problems in retirement. With less money to support themselves, women are much more likely to need to rely on the Age Pension.

At a stage in life when they’re facing higher health costs and rising living expenses, women are more likely to be forced into poverty.

At LGIAsuper, we think this gender gap needs fixing.

There’s another issue to consider as well – ASFA’s research has found that women aren’t as engaged with their super as men. Simply put, not enough women are getting to know their super well enough.

That’s where LGIAsuper can help.

Education is key

The key to improving financial outcomes for women lies in education and engagement. LGIAsuper is working hard to help its female members to take control of their financial future.

We’re helping women engage with their super through our member education programs. We’re active in providing information and advice about effective retirement strategies.

Yes, there’s a long way to go. But LGIAsuper is committed to working with its members and employer-partners to make sure everybody – regardless of gender – has the opportunity to fund a comfortable retirement with their super.

If you'd like to know more, please call 1800 444 396 or click on the right of screen to chat with us. 

*Source: ASFA - Superannuation account balances by age and gender, October 2017