While women are still far behind men in the superannuation balance gap, the gap has narrowed 6.9 per cent since 2005, according to Roy Morgan Research.
Roy Morgan’s survey found in the 12 months to June 2015 women with super had an average balance of $101,900 compared to men with an average of $158,000. This is the equivalent to 64.5 per cent of the male balance, but was 57.6 per cent a decade earlier.
The research house’s industry communications director, Norman Morris, said despite the gradual narrowing of the gap it is still a major issue.
“Women hold less than two-thirds of the average value of super balances held by men — and only 56 per cent if we view super balances in terms of median value,” he said.
The current median super balance value for women is only $35,200, and $62,900 for men. In 2005 women only had a 44.2 per cent of the median male balance.
“Obviously, several factors are helping to close the gap, such as the gradual impact of the compulsory super scheme, higher levels of education for women, increased awareness of the issue, increased work-force participation and a trend towards self-managed super,” Morris said.
“However, the gap is narrowing very slowly, and more definitive action is probably needed.”
Morris also raised concerns with the fact that both sexes had inadequate funds for retirement as half of the men in pre-retirement had balances of less than $140,000, and women $76,000.
The survey found the average level of super fund satisfaction among women is 57 per cent.
“Our results show that a number of major funds are not meeting the expectations of their female members, which will make retaining and attracting funds more difficult,” he said.
