Research: women growing super at greater rate than men
/New Roy Morgan research on the gender superannuation gap shows women’s superannuation balances are, on average, growing faster than men’s, with ownership levels rising. Women’s superannuation balances still remain overall lower than men’s.
The report is based on around 500,000 participant information.
Key findings include:
Since 2012, women’s average superannuation balances has grown at a rate of 38 per cent to $154,000 compared with men, which grew at a rate of 26 per cent to $216,000.
In 2012, women’s super account balances averaged $111,000 and men’s $172,000.
Just over 70 per cent of women have a superannuation account, while 75 per cent of men have one. Ten years ago, only 66 per cent of women had a super account, while men’s superannuation accounts remain the same. This is a meaningful gap reduction of about five percentage points.
Women with superannuation who currently work earn on average $72,000 compared to men earning $95,300 annually.
All female age groups who work have much lower average incomes than males, with nearly half of women working part-time. Superannuation paid on parental leave will help this imbalance.
Women aged 18-24 earn on average 86 per cent of the wage of men of the same age, but drops to 71 per cent for females aged 65 years and over.
