What I’m always asked about women and super. And how to take charge

Ruth Weaver is passionate about helping women overcome the super gender gap and awaken their financial future.

As our Team Leader in Key Client Education, she has been working in the financial services industry for almost 20 years.

And the need for finance education is still strong. Nearing retirement, women have about 25% less in their super than men.¹

To help with some key actions to take charge and improve that, Ruth is hosting an International Women’s Day webinar on 6 March.

We asked Ruth for her views on some of the most common and easy things that women can do to take charge of their super.

What is the most common question you’re asked about women and super?

“How much super should I have at my age?” I’m noticing more women are engaging with their super. And they have a better awareness of what their super balance is. This is thanks to all the extra digital tools the super funds have today. Almost all of them have apps (including QSuper) available for members to stay connected. However, women often struggle to understand what that account balance means for retirement preparedness.

Do you have any examples of this?

I was at a friend’s 40th birthday recently and the topic of super came up at the end of the night. My friend asked me if I thought her balance was “good or bad”. She honestly had no idea how she was tracking. She really had no context on how she compared with the average 40-year-old as she’d never spoken about it before. We need to change that. I encourage all my friends to talk more openly and honestly about their super – that’s one quick and easy way to identify if you are falling behind. You can also use a tool like a Super Projection Calculator.

What step do you think can give women the biggest boost?

It depends on your situation. A great first step is to ensure you’re with a strong performing super fund and that all your super is consolidated into one fund where that’s appropriate for you. This can prevent you paying multiple fees and maybe even multiple insurance costs. And be aware of your super entitlements and connect regularly to ensure you’re receiving what you should be.

Something else to look out for is the Parental leave super boost. From 1 July this year the Federal Government will pay 12% super on government-funded Parental Leave Pay. This applies to parents of babies born or adopted on or after 1 July 2025.

For a woman starting out in the workforce, what advice would you give them about super?

Prevention is better than cure! I generally advise young women that if they want to sit on the right side of financial statistics, they may need to manage their super a little closer in the early years. This helps build a buffer in their balance. So, I often suggest making small and regular extra contributions (in the most effective way based on your income). You can do this in a number of ways including salary sacrificing. Do this before you hit any breaks or interruptions in your working life. These breaks could include having children, extra study, travel, caring for elderly parents, and so on.

If you build a buffer in advance these situations won’t be as detrimental. Compound earnings don't stop working when you do! That means your money grows by earning investment returns, and those earnings also grow by earning returns, and so on. But remember that while earnings in super can be positive or negative, super is generally a long-term investment.

It’s not only up to women to take action. How can men help?

I think it’s so important that men stay aware, educated and empathetic on the super gap. They should encourage the women in their lives to empower themselves to achieve financial independence through education and awareness.

There are also various ways a spouse can help equalise super, including regular spousal contributions and contributions splitting.

Why is reviewing your investments so important?

Super can be invested in lots of different asset classes. Your super needs strong long-term investment returns to keep you on track for retirement – especially in the early years.

Generally, investments with potentially high long-term returns, like shares, are higher risk. This is because they can go up and down in value in the short term. Low risk investments are more likely to deliver lower returns. And they are generally more stable in the short term. But they usually don’t produce high long-term returns either.

Knowing your investment timeframe is important. If you have a longer investment timeline it means you can ride out short-term market falls. But if you’re closer to retirement you might choose more conservative investments to protect you from some of the volatility investing in the share market can bring.

Of all the things I could do today to improve my super situation, what would be the easiest and quickest?

That really depends on what you have or haven’t done so far. You need to understand where you’re starting from and where you’re trying to get.

That all starts with a conversation about your super and an appetite to learn and engage with your financial future.

5 steps you can consider to awaken your future

Consolidate your super

Start salary sacrificing

Make extra contributions

Review your investments

Have a conversation

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1. ASFA urges action to close the retirement savings gender gap - ASFA The Voice of Superannuation since 1962.