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It’s a worrying statistic but men have more in their superannuation than women.
According to a recent report from the Association of Superannuation Funds of Australia (ASFA), the average superannuation balance for women last year was $68,000 and for men, $112,000.
The Pineapple Project’s Claire Hooper wants to know why, and what can be done to close this gap.
In the latest podcast episode Pauline Taylor, finance and economic consultant, says the first thing women need to do is look at their statements.
“See if it’s been growing and look at what’s going in,” Pauline said.
“What has your employer been putting in? Is there extra money you might have put in as a voluntary contribution?
“Then see what’s coming out and if there’s taxes, fees and perhaps insurance premiums.”
Next, it’s important to check your investment options. If you’re in your twenty’s, Pauline recommends going for longer-term investments.
In your 30s, many women are thinking about taking time off to start a family, meaning their superannuation is sometimes neglected. If you have a partner who is working, it’s worth talking about having them contribute to your super, keeping in mind the tax advantages of doing so.
Listen to the latest podcast from The Pineapple Project here.
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