International Women’s Day, celebrated on March 8, puts the spotlight on the achievements of women and highlights future challenges when it comes to improving women’s lives.
No better time, then, to put the focus on super and finances, which for many women can take a back seat to everything else going on in life like work, home and family.
Women often find themselves worse off than their male counterparts when it comes to their retirement savings. Contributing factors include the gap between what women and men are paid (currently 15.3%*), and women having to take breaks from employment for a variety of reasons.
AustralianSuper is committed to working alongside women to change this, highlighting simple actions women may take to improve their super balances and get more financial control over their future.
• Provides a snapshot of what retirement savings may look like, an idea of how much is needed and steps that can be taken to help achieve it.
• Whether its adding to super by salary sacrifice or adding to their partner’s super there are plenty of things women can do to grow their super balance^
• Bringing super into one fund can save in fees and make managing super easier†.
• We have seminars and briefings for members happening in each state throughout the year. Topics include retirement planning, options for using super upon retirement, updates on AustralianSuper’s performance and key activities.
AustralianSuper member Fiona Tannick-Jones had a ‘lottery moment’ when she found $45,000 in lost super.
Fiona is 50 and has been in the workforce for over 30 years in a diverse career spanning Australia Post, time as a massage therapist and executive assistant.
As a busy mother of two, retirement and super weren’t high on Fiona’s list of concerns, but when she heard that older and middle aged women are the highest growing proportion of homeless people during a seminar run by AustralianSuper, she sat up and took notice.
After the session, Fiona completed a lost super search and found $45,000 from her time at Australia Post.
“I was shocked, stunned and thrilled about my discovery,” she recalls.
“It was such a big amount.”
Fiona urges other women to consider their financial future carefully.
“I tell everyone I come across to do a lost super search. Make sure that you’re going to make a conscious effort to cover your expenses once work has gone for you,” she says.
AustralianSuper partners with employers to help women get on top of their super with resources and support. And there’s plenty you can do to get super confident, no matter your age or the size of your super balance.
For more check out australiansuper.com/women
*Workplace Gender Equality Agency, gender pay gap statistics at wgea.gov.au
^You should consider your debt levels before adding to your super.
†You should ask your super provider for information about any fees or charges that may apply, or any other information about the effect this transfer may have on your benefits, such as insurance cover, before making a decision.
The views expressed in this article are those of the member and not AustralianSuper. The member made their comments based on their particular circumstances.This information may be general financial advice which doesn’t take into account your personal objectives, situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.