Super initiatives for women supported

ANZ's initiatives to help close the financial gender gap in the workforce have been supported by the Financial Services Council (FSC).

The measures, announced on Wednesday, address the structural bias and subsequent financial disadvantage they face in the workplace and retirement. The initiative follows ANZ's research report that found over their lifetime Australian women earn on average $700,000 less than men.

FSC chief executive, Sally Loane, said not only are Australian women living longer, they are at a much higher risk of living in poverty than men in their old age.

"Women are behind when it comes to saving for superannuation. They are generally the main carers for children and ageing parents. These gaps in employment can have a massive impact on their retirement savings," Loane said.

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"Currently there is a retirement savings gap of over $330 billion for women."

ANZ's initiatives include:

• Superannuation contributions on paid and unpaid parental leave for up to 24 months, up from 12 months, for Australian-based employees on their return to work;
• Top-up superannuation payments of $500 per annum to ANZ's permanent and fixed term female employees in Australia to address the gap in retirement savings;
• Free superannuation advice for customers with less than $50,000 in superannuation to help them grow their knowledge and confidence to support their financial decisions; and
• Specialist financial planners trained in the needs and preferences of women