Women Join SMSFs in Equal Numbers – But Men Still Control Most of the Money
Women are joining self-managed super funds (SMSFs) in almost equal numbers to men. On paper, that looks like progress. But new analysis of Australian Tax Office data shows that inside Australia's $1 trillion SMSF system, the money still overwhelmingly flows to men.
The findings come from a new report by James Hayes, a financial planner specialising in superannuation and retirement planning, which examines how Australians are using SMSFs, including how income, age and balance size interact inside the SMSF sector.
"Women are now almost half (47%) of all SMSF members, but the balances tell a very different story," says Hayes. "Men are far more represented in the highest income bands and because SMSF wealth is concentrated in large funds, that income gap translates directly into who holds the biggest balances."
Key findings from the report:
Participation is close to gender-balanced, but wealth is not: Women account for 47 per cent of all SMSF members, yet SMSF wealth remains heavily concentrated in a relatively small number of high-balance funds.
"Participation is only the starting point," says Hayes. "What really determines outcomes in SMSFs is how much goes in, how early it starts and how long it compounds for."
Men dominate the highest income bands: Nearly twice as many male SMSF members earn $200,000 or more, giving them a structural advantage when it comes to building larger balances over time.
"Income still does the heavy lifting in SMSFs," says Hayes. "Higher earnings mean bigger contributions, earlier entry and more years of compounding."
SMSF wealth is highly concentrated: Fewer than half of all SMSFs control close to 85 per cent of total SMSF assets, amplifying the impact of income and career-length differences.
"When wealth is concentrated like this, small differences in income and timing get magnified," says Hayes. "That's where gender gaps quietly widen."
Equal participation doesn't guarantee equal outcomes: Many SMSFs are run by couples, but balances often reflect unequal earnings histories rather than equal ownership.
"SMSFs give people a lot of control," says Hayes. "But outcomes are still shaped by decades of income patterns. What looks like parity at the membership level doesn't automatically translate into parity at retirement."
The gender gap forms part of a broader analysis examining how Australians are using self-managed super funds heading into 2026, based on the most complete Australian Tax Office data available.
Read the full report on the Southern Advisory website.
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