Women’s superannuation is growing faster than men’s but is still only 66.7 per cent of the male average balance, according to Roy Morgan Research.
The research house found in the 12 months to October 2015, women with superannuation had an average balance of $129,800, compared to men with an average of $194,700. This is a 6.5 per cent improvement since 2011.
The growth rate in the average balances over this period was 30.6 per cent for women and 18 per cent for men.
Roy Morgan’s “Single Source” survey found the current median value of super held by women is $52,200, which means that half have balances below this and half above.
This is well below the average or mean balance for women ($129,800). The median value of superannuation held by men is now $78,800, compared to a mean of $194,700.
Obviously, age is a major determinant of how much someone has in super, with balances increasing as people head towards retirement. Men, however, are well ahead of women across all age groups.
Roy Morgan’s industry communications director, Norman Morris, said “women still hold only two-thirds of the average or median value of superannuation balances held by men, and more definitive action is essential to ensure that women have adequate super funds for their retirement.”
“Although we see that super balances increase with age for men and women, it is concerning that women have much lower median balances across all age groups,” he said.
“This makes it very difficult for women to catch up by retirement age. Furthermore, a serious problem exists for both sexes with regards to inadequate super funds for retirement.
“Half of the men with super in the critical pre-retirement age (50 to 64) have balances of less than $197,000 while half of the women in this group have less than $108,000.”
