The average superannuation account balance of women is slightly higher than for men, according to the latest data from digital advice platform Decimal.
Decimal’s Digital Insights Q3 September 2017 report has revealed that, on average, women hold more in their superannuation accounts than men did.
The report showed women held on average $214,320 in their accounts, compared to $214,286 held by men – a difference of just $34.
This data was drawn from Decimal’s total number of 69,000 users of their platform, 53 per cent of which were male and 47 per cent of which were female.
On 27 November, InvestorDaily reported on findings of a three-year government-funded study that found women to be financially disadvantaged in a system where superannuation was “designed for men”.
In a statement, Decimal chief executive Nic Pollock acknowledged that the difference in super balances between the two genders was minimal and said digital financial advice was helping to close the gender gap often associated with finances and superannuation.
“Digital advice is certainly proving to be a great equaliser when it comes to financial advice,” Mr Pollock said.
“In the 12 months since Decimal started collecting and analysing data for our Digital Insights reports, we’ve seen steady and rapid growth both in the overall number of women using digital advice and in their level of assets under advice.”
Female activity on the platform also grew 20 per cent in the third quarter, the report stated.
Decimal non-executive director Pauline Vamos said digital advice was “clearly something busy women [were] switching on to” in order to address the gender imbalances in retirement savings.
“Digital advice allows them to access their super at any time on any device, and we are seeing 35 per cent of overall users logging in to the Decimal system outside normal business hours,” Ms Vamos said.
Wealth management relationships are under threat as clients look to switch providers driven by the impact of the royal commission. ...
S&P Dow Jones has announced a new addition to its global ESG index using enhanced ESG scores and granular data. ...
Investor confidence is on the rebound and the ASX hit a 12-year high on Monday. But it’s not all good news for the Australian economy. ...