Super balances on the rise

While the average superannuation balance for women has risen, they are still well behind men, according to the Association of Superannuation Funds of Australia (ASFA).

ASFA’s latest analysis found the average balances achieved in 2015/16 were $68,499 for women and $111,853 for men.

This was up from $54,916 for women and $98,535 for men in 2013/14, and $44,866 for women and $82,615 for men in 2011/12.

ASFA also found that men held 61.2 per cent of total super account balances in 2015/16 compared to around 38.7 per cent for women, and that the estimated share for women in 1994 was 23 per cent.

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ASFA chief executive, Dr Martin Fahy said lifting the superannuation guarantee (SG) to 12 per cent needed to happen sooner rather than later to address the lack of sufficient super suffered by many Australians.

“Many recent retirees will need to substantially rely on the Age Pension in their retirement,” he said.

ASFA noted that phased increases in the rate of SG contributions to 12 per cent would benefit women in particular, along with the removal of the $450 per month threshold.