Women still remain far behind men when it comes to superannuation balances, holding balances which are equivalent to only 64.5 per cent of the male average, says Roy Morgan.
In the 12 months to June 2015, women had an average super balance of $101,900 compared to men, who had an average balance of $158,100, research by Roy Morgan found.
Moreover, according to Roy Morgan, women trail men in terms of superannuation balances across all age groups.
Roy Morgan Research industry communications director Norman Morris said: “Although we see that super balances increase with age for men and women, it is concerning that women have much lower balances across all age groups.”
For those in pre-retirement, women are approximately $63,000 worse off than men, having $76,300 in super balances compared to $139,900.
“This is not only a major gap in favour of men but [it] indicates that the majority of this age group overall are not well prepared for retirement,” said Roy Morgan.
Women aged 35 to 49 have an average of $42,000 in super while men have an average of $69,100. In the retirement phase, women have a median balance of $129,100 while men record balances of $192,600.
While Roy Morgan found that women trail men when it comes to super, the gap is closing – although slowly.
In 2005, women held balances which were equivalent to 57.6 per cent of male balances.
“With considerable publicity being given recently to the gap between men and women in regards to superannuation balances, it is quite encouraging that we have seen a gradual narrowing of this gap over the last decade,” Mr Morris said.
“However, a major issue still remains, in that women hold less than two-thirds of the average value of super balances held by men – and only 56 per cent if we view super balances in terms of median value,” he said.
The review into APRA’s capabilities has been released and the review has singled out APRA’s handling of superannuation as an area that n...
One Australian super fund has invested in new energy loans via a peer-to-peer lender in what is touted as an Australian super fund first. ...
APRA has updated the approved form and instruction guide for applications for a MySuper Product authorisation. ...