Women gaining ground on superannuation balance front
The average superannuation balance for Australian women sat at $68,499 for the 2015-16 financial year – an increase from $54,916 for the 2013-14 financial year, according to a superannuation advocacy body.
A report compiled by the Association of Superannuation Funds of Australia (ASFA) indicates that the average balance for all Australians aged 15 years and over for the 2015-16 financial year were $111,853 for men and $68,499 for women.
This is a slight increase from the 2013-14 financial year figures when balances were $98,535 for men and $54,916 for women.
“Men held 61.2 per cent of total account balances in 2015-16 compared to around 38.7 per cent for women,” ASFA said.
The share held by women increased by two percentage points compared to two years earlier.
Around 27.0 per cent of males reported nil superannuation in 2015-16, as did 32.7 per cent of women, according to ASFA. The report showed that the figure for males has not changed much from two years earlier, while the figure for females was down slightly. Around 45 per cent of females aged 65 to 69 reported having no superannuation.
Excluding anyone with a nil superannuation balance, the average balance for males was around $153,000 for the 2015-16 years and $102,000 for women.
ASFA chief executive Dr Martin Fahy said addressing the disparity between the super balances of women and men was an imperative for greater social equality and better outcomes for all in retirement.
“While women can look forward to retiring with more superannuation than their mothers and grandmothers, the ongoing issue of broken employment patterns and a troubling persistent gender pay gap means we cannot afford to be complacent,” said Dr Fahy.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.