Women get less money for their super savings accounts than men

Mozo

Thursday 10 September 2009

Women receive less money for their superannuation savings accounts than men, according to new research.

A study conducted by the Association of Superannuation Funds of Australia stated average retirement sums for females amount to $73,000, compared to the male equivalent of $155,000.

Furthermore, women have 34 per cent of super assets, while men have 66 per cent, which may be of interest to those with high interest savings.

A number of factors contribute to this situation, according to the Age, including the fact that female employees earn less than their male counterparts and they are more likely to have a disrupted working life.

These aspects combine to make women’s superannuation contributions significantly lower.

Director at Professional Super Advisors Kevin Smith, suggested people should plan ahead and start putting money away in savings accounts early.

He also said they should take advantage of co-contribution schemes, as well as super splitting.

A report in the Sydney Morning Herald recently cited management partner at HLB Mann Judd Jonathan Philpot as saying people should be sure to put any extra cash away in long-term savings accounts.

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