The average balance of women’s superannuation has grown 30 per cent in the 12 months to October 2015, but it still only makes up about 66 per cent of men’s average super balance.
According to a recent report by Roy Morgan Research, women with super had an average balance of $129,800, while men had an average balance of $194,700 in the same period.
The growth rate in the average balances was 30 per cent for women and 18 per cent for men, the report said. The latest findings are from Roy Morgan’s Single Source survey of over 50,000 people, of which 34,000 have superannuation.
The report also found women trail men in superannuation across all age groups.
“Obviously, age is a major determinant of how much someone has in superannuation, with balances increasing as people head toward retirement,” the report said.
“Men, however, are well ahead of women across all age groups.”
The report also took at median values, which showed for the pre-retirement age group (50-64), the median value held by men in super is $196,700, well ahead of women with $107,900.
“This is not only a huge different of $88,800 in favour of men, but indicates that the majority of this age group overall are not well prepared for superannuation to fund their retirement,” according to the report.
Roy Morgan Research industry communications director Norman Morris said: “With considerable publicity now being focused on the gap between men and women in regards to superannuation balances, it is somewhat encouraging to see good progress being made towards reducing this difference.
“Obviously, several factors are driving this, such as the gradual impact of the compulsory super scheme, higher levels of education for women, increased awareness of the issue, increased work-force participation and a trend towards self-managed super.
“However, the fact remains that women still hold only two thirds of the average or median value of superannuation balances held by men, and more definitive action is essential to ensure that women have adequate super funds for their retirement.”
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