The average superannuation account balances for women are less than half that of men's balances, according to research from the Association of Superannuation Funds of Australia (ASFA).

The average superannuation balance for women was $23,900 compared with men who had $56,400 in their accounts.

Women would have received an average retirement payout of $37,000 compared with men who would have got an $110,000 retirement payout.

The data was based on the latest records from the Australian Bureau of Statistics in the 2003-04 survey of Income and Housing.

ASFA estimated that in 2006, women would have received an average payout of $45,000 compared with men who would have received $130,000.

"Average balances are still relatively low, and there are a number of groups, such as women, who need further assistance and encouragement to save if they are to achieve even a modest standard of living in retirement," ASFA director of research Ross Clare said.

Extending the co-contribution would help lower paid workers.

Commenting further, ASFA chief executive Philippa Smith said: "Further strategies such as extending the super co contribution are needed to help a greater proportion of people achieve a more adequate retirement income."

If the co-contribution was doubled permanently, ASFA found that an average earning woman would receive a retirement payout of $186,000. If no co-contribution was received, the payout would be $93,000.

A retirement payout of $186,000 is far closer to achieving adequacy, Clare said.