I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

An Inquiry into Women's Superannuation

On average, women in Australia would retire half the fund of their male counterparts while one in five women have no super at all.

Why there is a significant Difference between Men and Women when it comes to Super>/h1>

What the current evidence is showing is that there is a critical contractual problem with the way a super system works, and that is leaving many women behind. So while the gap in earnings has hovered around the 20% mark between male and female earnings, and has done so for a couple of decades, this is translating into a much bigger gap in retirement savings. So when are retiring with around half the super savings that the men have?

Some factors are giving rise to these problems. Aside from the gap in earnings, women also typically take responsibility for paid caring work the community. Many women work part-time because they have to take care of the children or do other domestic responsibilities. This shift from full-time to part-time employment has very damaging effect on superannuation savings which relies on the steady accumulation of the contributions in your returns and the compounding effect which is the most you can get into superannuation.

The other factor is there is an increasing number of women who are single in retirement. Some of the statistics show that even today a third of women at retirement are not in a relationship, and that trend is increasing. There's also a factor regarding how the government supports super.

So the major way that women are encouraged financially to go through super is by opting for superannuation tax concessions. There have been discussions recently about superannuation tax concessions, but these are skewed very much to high-income earners, mainly the men. Low-paid workers, many of which are women, are not sold out to tax concessions, but they can actively pay less because the tax they pay on the super is lower than the tax on their income pay.

Practical Advice for Younger Women to Improve their Super

Younger women are at a time when they can make a difference. If you can make even small additional contributions, that will increase through compounding interest in time. The difference would be significant in the long term. So encourage yourself to look after your super while you are still young. You can start small, like %5 extra into your super, and then increase later on as your income also increase.

For more inquiries about women and Superannuation, go to www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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