Super steps for the super women in your life
March 21, 2019
Just because International Women’s Day is now behind us, doesn’t mean it’s too late to get the retirement women deserve.
From defeating the marriage bar that stopped women teaching after marriage in 1956 to winning the fight for equal pay in 1972, there’s been much progress when it comes to many aspects of gender equality.
Each year, on International Women’s Day, we’re reminded of how far equality has come, but for the superannuation industry it’s also a stark reminder of the work to still be done.
You see, women still retire with around half the superannuation as men*. There's plenty of factors at play - such as time away from work to care for children or elderly parents. But there are a few simple steps women can take to help minimise the super gender gap.
1. Contribute early
It doesn’t matter what gender you are, the earlier you contribute to super, the longer you have to benefit from compound interest. This means you’re earning interest on your interest. If you can afford to contribute a bit extra to your super it can make a big difference in the long run.
2. Keep in touch
Are you guilty of “filing away” – to that drawer you never look at again. Opening your super statement is a simple step anyone can take. Check your name and personal details are correct and your employer is making contributions into your super account. If any of these things aren’t right call the phone number on the bottom of your statement and let your fund sort it out. You can avoid problems in the first place by giving us a call when you move house, change names or change jobs.
3. Avoid unnecessary fees
There are literally billions of dollars of lost money out there and some of it could be yours. You’ve probably had more than one job throughout your working life so chances are you might have more than one super account.
Multiple accounts make it harder for you to keep track of your money and also mean that you’re paying multiple sets of fees. If you’re with TelstraSuper we can help you find your lost money and consolidate it into one easy to track account.
* ASFA analysis of ABS Survey of Income and Housing, Australia, 2015-16