Men tend to have larger Super balances and contribute more towards them. The survey also discovered that only 22% of women add at least A$10k per year and that one in ten do not know what the current value of their Super is, compared to 40% and 3% of men respectively.
The Gender Gap
17 May, 2024
Almost two thirds of men (64%) actively manage their Super(s) compared to half of women. Men also feel more knowledgeable about their Super(s), although curiously more women (49% vs 42%) are willing to make their own financial decisions.
Confidence and alternative provisions
Twice as many men are willing to take more risk. And only 17% of them have a low risk tolerance compared to a significant 37% of women. Although both genders agree that their Super should not be their only source for funding retirement (71% women, 70% men), twice as many women (31%) have no other funding provisions, compared to just 15% of men.
Optimism towards retirement
Female: 61%
Male: 78%
There are additionally some gender differences in both confidence and knowledge of Supers. Two out of three men feel confident that they understand the details of their Super and how it works. When posing the question to women, only half the respondents felt the same.
Likewise, 61% of men declared they had a good understanding of what their Super was invested in, while just 47% of women were able to do the same.
Plugging the gap
The survey revealed a gender gap exists both in actual Super value as well as confidence and optimism for future retirement. A report published by KPMG1 suggested that while there is a range of reasons that contribute to unequal superannuation retirement balances, predominately the leading factor is time out of the workforce to be the primary carer of young children. Additionally, according to the Workplace Gender Equality Agency, at no age is more than 50% of women working full-time2 which would naturally reduce any Super contribution.
