New research has found that women have an average super balance of $92,000 at retirement – 40% less than the average male retiree, with $154,000.
The new figures, from Roy Morgan Research, show the gap between genders starts to form in the 30-34 age range.
The decline in balances for women also starts earlier than for men, suggesting that women are retiring earlier and are beginning to draw down their funds at a younger age than men.
Interested in boosting your super returns? Get expert help here.
This follows the results of the Suncorp-ASFA Super Attitudes Survey 2012, which revealed that taking just two years out of the workforce to have children can leave women up to $50,000 worse off in retirement.
Researchers at Suncorp Life found that to make up the "baby deficit", women needed to make an additional 1% super contribution for every two years that spent out of the workforce – for the rest of their working life.
Making a general comment on the state of women’s superannuation, Adrienne Rush, CFP at Bendigo and Adelaide Bank, said that one fifth of Australian female small Business owners do not have a super fund. Rush added that:
At 65 the average woman’s super balance is $112,000
A 5 year career break means $45,200 less in savings than taking no career break
A woman who retires at 65 needs to save $55,300 more than a man due to her increased longevity
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out