A new report has revealed a sobering truth many older Australians may already suspect: women are still being left behind when it comes to superannuation.
According to the Super Members Council, unpaid super is stripping the typical working woman of more than $26,000 by the time she retires. For many, that’s the difference between financial comfort and ongoing stress in later life.
The analysis found that one in four working women misses out on super each year, with an average shortfall of about $1,300 annually. In just one year, that equates to $1.9 billion in unpaid super collectively. Over the past decade, the total has ballooned to $15.5 billion owed to women.
To curb these shocking losses, the Super Members Council is pushing for urgent reform through payday super laws, which would ensure super is paid at the same time as wages.
Super Members Council CEO Misha Schubert said women—particularly those in low-paid jobs—cannot afford further delays.
“The numbers are stark. Working women in Australia are already retiring with a quarter less super than men—and unpaid super is making it harder to close that gap,” Schubert said.
“Women in low-paid, insecure or part-time jobs are hit hardest by unpaid super, and they are often the same women who take time out of the workforce to care for others. They’re short-changed twice.
“Fixing this is not just about fairness—it’s about economic security for millions of Australian women.”
While reforms like payday super are essential to fix the system, financial experts say there are still some small, practical steps women can take to strengthen their super and retirement savings.
Chris Brycki, Founder and CEO of Stockspot, suggests three strategies that can help make the most of what you already have:
Keep an eye on fees – Super fees vary widely between funds, and high charges can quietly eat away at savings. Comparing what you’re paying and switching to a lower-fee option can make a real difference in the long run.
Look for growth as well as income – When choosing investments, focus not only on steady returns like dividends but also on options that grow in value over time. This balance can help protect and grow your nest egg.
Super shortfalls are a challenge many women face, but by taking action where you can and sharing experiences, we can help each other work toward a fairer, more comfortable retirement.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.