Super balance gender gap slowly narrowing: Roy Morgan
The average superannuation balance for a woman, while still far from on par with the male average, has improved significantly in the past decade, according to Roy Morgan Research.
The average super balance for a woman is still only 64.5 per cent of the average male balance, but has improved proportionately from a decade ago when it was just 57.6 per cent, the research house found.
The gap between the median super balance for each gender in the Roy Morgan Single Source Survey covering 34,000 superannuants was found, however, to be even wider.
The median value of superannuation held by women was only $35,200 while the median value for men was $62,900.
“Based on the median value held in superannuation, women have made some progress in closing the gap, rising from just 44.2 per cent of the male median in 2005 to 56 per cent currently, but this is still very low,” said Roy Morgan.
Women were also well behind men across all age groups, based on the survey results.
“For the pre-retirement age group (50-64), the median value held by men in superannuation is $139,900, well ahead of women with $76,300,” said Roy Morgan.
“For the 65-plus age group the median value of superannuation for men is $192,600, and for women it is $129,100 – these figures further indicate that there is a major deficiency in retirement funding from superannuation.”
Roy Morgan Research industry communications director Norman Morris said that with the considerable publicity being given recently to the gap between men and women in regards to superannuation balances, it is encouraging to see a “gradual narrowing of this gap over the last decade”.
“Obviously, several factors are helping to close the gap, such as the gradual impact of the compulsory super scheme, higher levels of education for women, increased awareness of the issue, increased workforce participation and a trend towards self-managed super. However, the gap is narrowing very slowly, and more definitive action is probably needed,” said Mr Morris.