The gender gap in retirement savings

The role superannuation plays for women is no different from men—in that it helps us secure our financial future and provides for a reasonable standard of life post-retirement. The key difference to note is that women tend to live longer and may need more money to fund their longer life and healthcare costs.

Because despite living 4-5 years longer than men (on average), women are retiring with 42% less super. There are a number of contributing factors to this startling statistic:

  • Women on average are taking five years out of the workforce – typically to care for children or their parents. During this time they are not earning contributions from their employer, and they are losing the opportunity of this compound interest in the future.
  • On average, Australian women earn $44,000 per year, with 43% of women working part time. Men on average are earning $60,000 per year (with a lesser percentage working part time).
  • There are currently 220,000 women nationally who are missing out on $1.25 million worth of super contributions because they don’t hit the $450/month earning requirement to receive contributions.
  • Superannuation isn’t a mandatory part of paid parental leave or carers payments.
  • Almost half of women work part-time and many chose lower paid work to prioritise their caring responsibilities.
  • Part-time workers who earn less than $450 a month don’t get paid superannuation. This is a particular disadvantage to women who may work multiple jobs.
  • Unpaid caring makes women particularly vulnerable if there is an unexpected life event like divorce or the death of a partner.

GuildSuper working for women

At GuildSuper we work for women.  Why? because we understand the challenges all Australian women face, when it comes to saving for retirement.

We work to help women:

  • understand, grow and protect their super,
  • get rewarded for saving,
  • close the gap,
  • create a better future.

Our super fund is leading the way by putting our members first. We are inclusive and for everyone.

We recognise that 85% of our members are women. We appreciate and respect that many of our members are casual workers and/or work part-time. Therefore, unlike other super funds, this means that working for women is our core focus.

Four ways to boost your super balance and bridge the gap

  1. Combine other super accounts into your GuildSuper account and save on fees and reduce paperwork.
  2. Allow us to track down any lost super and we will help you combine that into your GuildSuper account.
  3. Build your super savings by making extra contributions by BPAY®. Log in to Member Online to get the BPAY® biller code and your reference number details, then make the contributions via your bank or financial institution.
  4. Direct contributions from SUPERSUPER into your GuildSuper account

Member Services Team

The GuildSuper Member Services Team is available from 8am to 7pm (AEST) Monday to Friday. Call GuildSuper on 1300 361 477 and the Member Services Team will guide you through the maze that superannuation sometimes appears to be.

They can also update your contact details, check your account balance and contribution history, and give you general advice about GuildSuper’s investment options, insurance and retirement income products.