International Women's Day: Innovate to help create a gender equal future
16 February 2023
5
min read
Bold ideas, inclusive technologies and accessible education are key to accelerating progress towards gender equality for International Women’s Day (IWD) 2023.
Take control of your super
Organisers of IWD Australia, which is held globally on 8 March, said access to inclusive digital technologies and education was crucial to combatting discrimination and the marginalisation of women globally.1
The digital gender gap:
Globally, there are around 250 million fewer women online than men
Around 327 million fewer women than men worldwide have a smartphone and can access mobile internet
Globally, women hold only two in every 10 science, engineering and information and communication technology jobs.
Source: UN Women Australia, Cracking the code: Innovation for a gender equal future, at unwomen.org.au
In 2023, IWD Australia organisers said leaders and changemakers aimed to close the digital divide and champion the skills and knowledge of women in science, technology, mathematics and engineering to help crack the code to gender equality.
The super gender gap
IWD aims to forge a gender equal world. This includes closing the gap on women’s financial inequality.
Women in Australia retire with around 23% less super than men. This is based on super balances for individuals aged 60 to 64 in June 2019. The average balance for males was $359,870 with a median of $178,800. Women had an average super balance of $289,180 with a median balance of $137,050.2
There are a range of reasons for the super gender gap. These include:
The gender pay gap. It’s currently around 14%.3 This means women earn on average $262 per week less than men. It impacts super because the compulsory amount your employer pays to your super is based on your salary. Your employer must contribute at least 10.5% of your salary in 2022-23 (rising to 11% on 1 July 2023) into your chosen super account.
Women do more hours of unpaid work per week compared to men.4 The latest figures show women spend 4 hours and 31 minutes a day doing unpaid work activities. Men spend over an hour less a day, with 42% of men spending no time at all on housework. This means women have less time to dedicate to paid work.
Women are almost three times more likely than men to be working part-time,5 which means fewer hours of paid work where an employer is paying to their super.
Women live four years longer than men on average,6 which means women’s super balances must last longer, even though they have less money to start with.
Women are more likely to retire sooner, with an average retirement age of 52 years, compared to age 59 for men.7 This means women generally have a shorter time to save while they are working to fund their retirement.
What you can do
Take five simple actions today to help you get the most out of your super and feel more in control of your future.
Simply login to Member Online or download the QSuper app. You can check how much you and your employer have contributed, fees and insurance premiums that have come out of your account, and any money you’ve rolled in from other super funds.
You may have lost super if your super fund can no longer contact you, or they haven't received a contribution from you in more than five years. Here’s how to find your lost super:
Before you consolidate your super, please consider if the timing is right and if you will lose access to benefits such as insurance or pension options, or if there are tax implications.
This could make a big difference to your retirement lifestyle. Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation.
With your super, subject to eligibility, you may apply or automatically receive death cover, total and permanent disability cover, and income protection cover. Everyone's insurance needs are different, so it's important to understand how much cover you have and whether it’s right for your unique circumstances.
Choosing who you'd like your super to go to when you die can give you peace of mind that your family will have a financially secure future. Find out more about binding death benefit nominations.
Keep your goals on track
Make smart decisions with the help of a professional financial adviser.
Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation. You can find out more about financial advice options at qsuper.qld.gov.au/advice
1. International Women’s Day, Cracking the Code: Innovation for a gender equal future, accessed 6 February 2023 at unwomen.org.au/get-involved/international-womens-day
2. Media Release, 18 March 2022, Association of Super Funds of Australia, Compulsory superannuation is delivering, but more needs to be done for women and the low paid, at superannuation.asn.au, accessed 13 February 2023
3. Australian Bureau of Statistics, Gender indicators, May 2022 accessed 6 February 2023 at abs.gov.au
4. Australian Bureau of Statistics, Females do more unpaid work, males do more paid work, 7 October 2022, abs.gov.au
5. Australian Bureau of Statistics, Gender Indicators, Australia, December 2020, accessed 6 February 2023 at abs.gov.au
6. Australian Bureau of Statistics, Life tables, 2018-2020, 4 November 2021, accessed 6 February 2023 at abs.gov.au
7. Australian Bureau of Statistics, Retirement and Retirement Intentions Australia 2018-2019, May 2020, accessed 4 February 2023 at abs.gov.au