Women retire with $136,000 less in their super than men

Women over the age of 35 who are earning average salaries of $80,000 are the forgotten majority when it comes to superannuation, and tend to retire with $136,000 less than men according to Employment Hero. 

There’s not a transparent conversation about super and this is leaving Aussies, especially women, in the dark about their super savings. 

For many, super tends to be out of sight out of mind. Recent data indicates that Australians are not engaging with their super, with 48% of those with lower income only interacting with their super once a year or less. 

On top of this, a staggering 60% of Aussies do not understand their super fees and costs, or have very basic knowledge when it comes to this topic. 

Placing more focus on super investments

To combat these problems, employee engagement platform Employment Hero is partnering with big name super funds to provide super resources to over 1 million employees. 

Employment Hero founder and chief executive Ben Thompson said embedding super into its platform was a no-brainer, placing importance on bringing super into the modern age. 

“Outside of their home, superannuation is the single largest asset most Australians will ever own,” he said. “Not knowing about your basic super investment settings is akin to a real estate investor not knowing the address of their property or the cost of renovations.

“For the many young Australians, who make up the bulk of our workforce, super is out of sight and out of mind. It’s overwhelmingly clear that many don’t understand it, don’t know how to optimise it and deprioritise it, given they can’t access it for 30-40 years.” 

If you are interested in accessing more super resources, check out Mozo’s super hub to learn more about how you can plan for retirement.