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Join us to #MakeSuperFair on gender equality!

A very important 65% of our members are women. But Australian women, on average, retire with just over half the superannuation savings of men – often well below what many of us would consider a comfortable standard of living in retirement.

VicSuper has been supporting women through our award winning Super Woman Money Program for over five years. The program has helped over 12,000 Victorian women increase their sense of financial empowerment and confidence to take greater control of their finances. Many women who’ve participated have told us they’re happier, less financially stressed and more confident in making financial decisions.

Nevertheless, many women still face unequal pay, broken workforce participation, and the availability of only casual rather than full time work.

YWCA Canberra recently launched a mini-documentary titled Hidden Women that explores the experiences of single, older women who are homeless or in insecure housing. And while there are many contributing factors, one that stands out to us are the decades of wage and superannuation inequality women face.

To help reduce the gender super gap, we’re collaborating with Women in Super on the “Make Super Fair” campaign. Over the past few weeks Women in Super have been briefing the government and opposition politicians on the five point Make Super Fair plan:

  1. Provide women and other low income earners with an additional $1,000 contribution annually into their super
  2. Ensure there are no further delays in increasing the Superannuation Guarantee (SG) to 12%
  3. Remove the $450 income threshold on SG payments
  4. Introduce SG payments on the government Paid Parental Leave Scheme
  5. Measure and publish the impact that any future changes to super would have on women.
We’ve also engaged with the companies that we invest in to #PressforProgress. Encouragingly, 11 of the 13 companies targeted for engagement last year have now appointed the first woman to their board – a really great result!

How can you and your employees help? With the election coming up we need your support! The broader and bigger the community that drives and persists on making super fair, the faster we will achieve our goal. Challenge stereotypes and bias, nominate women for opportunities and celebrate women’s achievements. So please share any information about the gender super gap widely and encourage your colleagues, friends and family to register with their email on the Make Super Fair website.  Together we will #makesuperfair.

Find out more.

1ASFA, 2015. Superannuation account balances by age and gender.