This International Women's Day will you help #BreakTheBias? The gender gap in retirement savings is an issue which can see some women retiring with a third less savings than men of a similar age.

There are a number of factors that contribute to this, some issues being:

  • According to ABS statistics, woman often live longer than men, with the average life expectancy in Australia being 81.2 years for males and 85.3 years for females*. In addition to this, women often retire earlier which means retirement saving must stretch further.
  • There are fewer women in senior roles such as CEOs and executive management compared to men. Roles such as administrative and community service roles generally have a higher percentage of female workers plus a majority of casual and part-time roles are women in lower paid position. These factors generally lead to women being paid less which in turn will affect retirement savings.
  • Due to factors such as maternity leave and caring for family members, women are more likely to have broken work patters. Currently superannuation is linked to paid work so these breaks may contribute to lower super balances at retirement. For example, having 5 years off work from age 29 to 34 is estimated to make women forgo $100,000 in retirement saving+.

+ Industry Super. Retrieved 16/2/2022.

What can you do to help boost your superannuation and close the gap?

Are you a low or middle-income earner?

If you are a low or middle-income earner who has made an after-tax contribution to your super, you may be eligible for a co-contribution by the government of up to $500. Find out more about the Government Co-contribution scheme.

Is there room in your weekly budget to boost your super?

You could make a before-tax contribution to your super, also known as salary sacrificing. You may end up paying less tax by requesting your employer to pay a portion of your before-tax salary into your super account, instead of receiving it as take home pay.

Want more information before doing salary sacrifice? Click here for the Factsheet.

Have you considered combining your multiple super accounts?

Consolidation is a way to bring multiple accounts together, and could potentially save money on fees. You may also be paying for insurance you might not require.

Learn more about consolidation here.

If you earn a bonus or come into a lump sum of money:

Consider investing some of that money into your super account by making an after-tax contribution. This can be done through our member portal.

Want more information? Click here to download the contributions Factsheet.

Need some additional help?

  • Our financial advice team can review your financial circumstances and help you create a plan that will help you maximise your balance come retirement.
  • Look at what your super is invested in and decide whether it matches your needs and risk appetite. Our advice team can help you with this also.

If you want to talk to us, you can call us on 1300 658 776. We can assist you with the above, or any other superannuation related matter.


Any advice contained on this webpage is of a general nature only, and does not take into account your personal objectives, financial situation or needs. Prior to acting on any information on this webpage, you need to take into account your own financial circumstances, consider the Product Disclosure Statement and/or Target Market Determination for any product you are considering, and seek independent financial advice if you are unsure of what action to take.