The super gender gap and how we can close it: Mozo talks to personal finance author, Pascale Helyar-Moray

Pascale Helyar-Moray, professional speaker, first-time author, and founder of Grow My Money, is passionate about closing the gender superannuation gap. 

In this interview with Mozo, Helyar-Moray discusses her new book, Rich Woman, Poor Woman (Major Street Publishing), sharing insights into the stark realities of the gender super gap, the pivotal role her boy-girl twins played in shaping her advocacy, practical steps women can take to secure their financial futures, and ways men can support greater gender equity in superannuation.

---

Can you please describe what you call the superannuation gender gap?

Women in Australia retire with, on average, 25% less superannuation than men. This is primarily due to three factors: the gender pay gap, time out of the paid workforce, and the types of work women do. And although we’re making progress, Australia’s pay gap remains 22%, meaning for every $100 men earn, women earn $78. This naturally impacts super contributions.

Time out of the workforce is another factor, often for parental leave. While super on paid parental leave will begin in 2025, it doesn’t help women who’ve already taken time off.

Finally, many women work part-time. At any given time, just under 38% of women aged 15–64 aren’t in the paid workforce at all. No income means no super, and part-time workers get only a fraction of the super that full-time workers do.It's the cost of childcare that is keeping women out of the workforce. The cost of two children in full time childcare is actually greater than the take home pay of the average woman working full time, so what would you do? It's not really a choice. So if you wanted to do something about it, you’d make childcare free or tax-deductible.

All of this adds up to what I call the ‘superannuation gender gap.’

Your decision to tackle this head-on suggests a deeper motivation. What inspired you to write Rich Woman, Poor Woman?

I find it still quite remarkable that we're in this day and age and there’s still a great big disconnect between men's and women's super balances, simply on the basis of gender. 

And when I speak to people about it, particularly younger people, they’re like ‘hasn't this stuff been sorted out?’ And I say ‘fair question: we can put a rover onto Mars, but yet we can't manage to come up with an equal superannuation outcome for both genders.’ 

And it just seems like somebody else should have sorted this by now. One moment stayed with me where I asked a room full of women to do some back-of-the napkin maths to work out how much they’d need for a comfortable - let alone modest - retirement. 

And when they saw the difference between what they have and what they need, a glacial chill filled the room. Most of them had a look of terror on their faces, some had tears. This moment repeated itself over and over during the course of my career, where I’ve presented to thousands of women.

And so my book, Rich Woman, Poor Woman, is a way of helping women avoid poverty in retirement.

Your boy-girl twins also seem to have played a big role in shaping your views. Can you tell us about that lived social experiment?

I have boy-girl twins, and they were a turning point for me. They are so similar in so many ways—blonde hair, blue eyes, the same height, even the same IQ, which is a weird statistical improbability. They’ve grown up in the same environment, being given the same opportunities at home.

But I realised that when my son grows up, he’s likely to earn $100,000 a year, while my daughter will earn $78,000. In retirement, she’ll have anywhere from a quarter to half less money in superannuation than him, simply because she is a girl and because of the social structures in place. I thought, ‘I can see the trajectory of these financial paths, and there’s no good reason for them to be so unequal.’

Seeing this every day felt like I had a lived social experiment in front of me.

What are some practical strategies women can use to start closing the super gap today?

There are a number of players on your super team: you, your employer, the government, and compound interest. I believe everyone should be making voluntary contributions, in addition to their super guarantee contributions, assuming they are in paid work. It’s far better to over-contribute during your accumulation years than to arrive at retirement and realise you’re short. If you end up with ‘too much’ super—if there’s such a thing—you’ll just have more cash to enjoy.

The government also offers ‘free money.’ Under various schemes, the government will boost the super of low and middle income earners by up to $500 per year, based on your particular eligibility.

Another strategy is Grow My Money, where cashback from shopping goes directly into your super. With over 1,500 retailers, it’s an easy, set-and-forget way to boost your balance without extra effort.

And don’t overlook the value of financial advice. Many super funds offer free advice, and you can even pay for professional outside advice from your super balance - with additional ways to tax-effectively replenish those funds with personal contributions. 

Even small steps, taken early, can make a big difference thanks to compounding.

Do you think men can benefit from reading your book too?

Absolutely, men can benefit from reading the book. 

I read Robert Kiyosaki’s Rich Dad, Poor Dad decades ago. The lessons in it were universally applicable to both genders. And reading that book contributed to my overall financial literacy. Why did I read the book while in my early twenties? Because I was curious, and hungry to understand the basics of wealth creation.

Like Kiyosaki, I aimed for Rich Woman, Poor Woman to be accessible by both genders, both in content and presentation. I wanted men to feel comfortable handling the book, either as they purchased it as a gift, or if they picked up a copy lying around. For that reason, I avoided making the cover look too feminine. 

I encourage men to read it, notably so they can share the knowledge of the gender inequality landscape with the women in their lives. And to be able to play a micro or macro part in helping find solutions for the financial challenges women face.

---

About Pascale Helyar-Moray OAM

Pascale Helyar-Moray is the director of communication for the Australian Gender Equality Council and has worked tirelessly to raise awareness about the systemic barriers that leave Australian women retiring with significantly less super than men. She has also been recognised for her contributions to services to business and women’s affairs with the Medal of the Order of Australia (OAM). 

Helyar-Moray’s debut book, Rich Woman, Poor Woman, sheds light on these challenges and provides practical strategies to help women take control of their financial futures. Rich Woman, Poor Woman combines practical financial advice with an unflinching look at the inequalities baked into Australia’s superannuation system.