Super balances of retirees increasing, but females still lag

Superannuation balances have increased over the last nine years, but the progress of female intending retirees’ balances is slow resulting in balances still well below that of males.

 

An estimated 430,000 Australians intend to retire in the next 12 months. An analysis of the superannuation of intending retirees shows the female average balance is $158K or 60.8% of the male average of $260K.

 

The gender gap has closed considerably since 2008 when the female balance was only $79K or 55.2% of the average male superannuation balance. A great deal of publicity has been given to this issue and it has obviously increased awareness and effort to improve retirement funding for women.

 

Superannuation Balance of Intending Retirees Male v Female

Source: Roy Morgan Consumer Single Source, 12 months to April 2008 and 2017. Base: Australians 25+ intending to retire in next 12 months.

 

Industry Communications Director, Roy Morgan Research, Norman Morris said, “Despite real gains in employment for women, adequacy of women retirement funds remain well behind that of men.

 

There’s been a great deal of publicity recently regarding the inadequacy of superannuation balances for females compared to males.

 

It appears some progress has been made over the last nine years but these small gains indicate it will take some considerable time and changes to superannuation conditions for females to achieve an adequate level of superannuation more equivalent to their male counterparts.

 

Of course retirement funding is not just about superannuation as Roy Morgan’s research has identified the financial position of intending retirees is enhanced by over $100K if other investments are included, and an additional $220K if the value of the home is taken into account.”

 

29 July 2017.