New superannuation fund, FairVine Super, has launched to tackle the gender super gap.
The fund said it was addressing the gender gap through a variety of savings technologies to make it easier to contribute to super above and beyond just employer contributions.
FairVine Super executive chair, Sangeeta Venkatesan, said the current system was failing women “tremendously” and that it was a “blind spot” that was leaving women at far greater risks of poverty and homelessness when they retired.
“Women shouldn’t be penalised for having children or making unpaid contributions to their family. This is something we need to address now before the next cohort of women follow the current generation into serious financial hardship,” she said.
“One of the big imbalances typically occur when a couple has a baby. This often means switching to a single-income household, but the superannuation usually stays with the working partner. This sets the non-working partner – who is usually a woman – up for failure when it comes to retirement, particularly if she takes an extended amount of leave and/or has multiple kids.
“Our newest feature, FairShare, makes it easy to split super contributions between spouses, enabling couples to do the right thing by their lower-earning or non-working partners. We’ve taken the hassle out of this process by automating it through the FairVine Super member portal.”
The fund said it had set-and-forget tools that had automatic super contributions through shopping rewards via rebates, rounding of everyday purchases and transferring the loose change to the member’s super, and the super contributions split feature.