The typical woman is retiring with a quarter less super than the typical man and with Australia’s gender pay gap growing in the last six months the savings gap could also widen. The median super balance for a woman in her early 60s is just $131,352 lagging the male median of $177,882.
Nationally women trail men at all ages, but the gap widens dramatically when women are in their 30s and 40s – at an age when many women take time out of the paid workforce to care for children.
Yet the government still refuses to pay super on the Commonwealth parental leave scheme, costing a mother of two more than $14,000 at retirement. These figures come from new ISA research recently released on equal pay day demonstrating that there is an urgent need to address the gender super gap.