Super and the gender gap

12 March 2023

Long-time AMCA Australia partner Cbus outlines simple steps you can take to reduce the super gender gap.

Research over the years has consistently shown that women tend to retire with less super than men. The latest statistics show a 25% difference, with the median balance for those aged 60 to 64 at $211,996 for males and $158,806 for females. 1

Why women accumulate less super

  • Unpaid care. Women are more likely to take more time out of paid work to care for families. 2
  • Part-time and casual employment. Women are more likely to work part time and represent only 42% of full-time workers. 3
  • The gender pay gap. On average, women earn 22.8% less than men and are generally under-represented in management. 2
  • Longer lifespan. Women also live longer than men4, which means it’s even more important they have enough super to last in retirement.

What can you do about this?

The good news is that more recent research has shown the gap slowly closing over the last decade due to increased focus on the issue and improving the retirement outcomes for women 5 which further highlights the importance of advocacy and education by super funds.

There are also actions you can take to improve the outcomes:

  • Make sure your employer is paying your super. Employers must pay the minimum Super Guarantee (SG) which is 11% of your wages.
  • Top up your super by making extra contributions. Even small amounts can make a big difference in the long-term.
  • Combine your super. Consider consolidating your super into one account and avoid paying multiple fees.
  • Find your lost super. There is $16 billion in lost and unclaimed super across Australia. 6 Find out if yours is one of them by logging into MyGov and linking your ATO online account.
  • Seek advice and education. Our Advice Services team is available to assist members and we offer a range of education webinars at no extra cost.

There’s a lot you can do to boost your super and improve the quality of your retirement. And if you need help, just give Cbus a call on 1300 361 784 .

1 The Association of Superannuation Funds of Australia, ASFA Research: An update on superannuation account balances, November 2023, https://www.superannuation.asn.au/wp-content/uploads/2024/01/2311_An_update_on_superannuation_account_balances_Paper_V2.pdf

2 Workplace Gender Equality Agency, Women’s economic security in retirement Insight Paper, February 2020, https://www.wgea.gov.au/sites/default/files/documents/Women%27s_economic_security_in_retirement.pdf

3 Workplace Gender Equality Agency, Australia’s Gender Equality Scorecard, December 2022, https://www.wgea.gov.au/sites/default/files/documents/WGEA-Gender-Equality-Scorecard-2022.pdf

4 Australian Bureau of Statistics, Life expectancy hits a new high, 4 November 2021, https://www.abs.gov.au/media-centre/media-releases/life-expectancy-hits-new-high

5 Roy Morgan, Women are (slowly) closing the superannuation gap, 18 April 2023, https://www.roymorgan.com/findings/9203-superannuation-gender-gap-closing

6 Australian Taxation Office, Check your myGov account for your share of $16 billion in lost and unclaimed super, 27 February 2023, https://www.ato.gov.au/media-centre/check-your-mygov-account-for-your-share-of-16-billion-dollars-in-lost-and-unclaimed-super

This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the Employer Handbook, relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au

United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and/or Cbus Super)

Got a question? Contact AMCA on 1300 475 615 or membership@amca.com.au.