This International Women’s Day, three leading superannuation groups are calling on policy makers to help close the retirement savings gender gap.
According to the Australian Bureau of Statistics, women are retiring with around 40 per cent less superannuation than men – despite thirty years under a compulsory system. The reasons are many. Women are more likely to work part time and in low-paying sectors, and the gender pay gap, while improving, continues to fester.
The single biggest factor, however, is that women are more likely to take breaks throughout their careers to raise children and provide other types of unpaid care.