Qld retirement gender gap widens

The retirement income gender gap is widening in most areas across Queensland, with women on average only now just reaching levels men held five years ago, according to QSuper.

QSuper’s member data found that on average, Queensland women who retired between the ages of 56 and 70 had 32 per cent less superannuation than men. This was a 10 per cent increase on the gap recorded five years ago.

QSuper chief executive, Michael Pennisi, said while it was pleasing to see the retirement income gap between men and women had started to close in some parts of Queensland, the increasing gap in most of the state was a concern.

“As an industry we need to collectively continue our focus on reducing the super gender gap by providing our female members with personalised advice, education and assistance to ensure they too enjoy a financially secure retirement,” he said.

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QSuper cited the lower average wages and taking time out of the workforce to raise children or care for elderly parents as key contributors to the findings. It also said the greater tax concessions available on super contributions by those on higher incomes, often drove increased contributions to a husband’s account who was generally the higher income earner.

“Superannuation reforms from 1 July that are account balance specific with incentives to maximise retirement pensions will certainly assist the gender divide, but while government policies can contribute as an industry we also need to fight this on all fronts,” Pennisi said.