Promising signs for super’s gender gap, software firm finds
In a small sample of clients surveyed during the December quarter, one software firm has found negligible differences between the superannuation balances of males and females.
In a sample of 2,315 clients, financial services software provider Decimal found women had an average balance of $214,320 compared to $214,286 for men in the last quarter.
This is a stark comparison to national averages, where women end up with around $150,000 less in superannuation upon retirement than men. According to ASFA’s research, average super balances at retirement today are $138,150 for women compared to $292,500 for men.
Specific and crucial demographic details – such as age – were not provided, making it difficult to herald a change in the otherwise pervasive savings gap in superannuation. However, Decimal found the results to be nonetheless positive for Australians who are actively engaged with growing their superannuation balances.
Decimal also found an overall 20 per cent growth in female client activity, compared to 9 per cent with their male clients. About 47 per cent of Decimal’s clients are female and 53 per cent are male.
Overall, Decimal’s funds under advice is now $9 billion, representing a growth of 53 per cent in the 12 months to 30 September this year.