Funds Management News

Super System Failing Women

Posted by Anton Murray Consulting on . Posted in Funds Management News

IFA

At the Crescent Think Tank event in Sydney last week, the inaugural chair of the Crescent Think Tank and Crescent Wealth, Emeritus Professor Dianne Yerbury, said the problem stems from a variety of areas. Dr Yerbury pointed out that, “by and large”, women still earn less than men doing the same work. Further, she said around 43 per cent of women work part-time, and that quite a few of them work in more than one part-time job, meaning the super is scattered over more than one fund. “The average woman worker, and some of them of course aren’t in the workforce, they take out on average around five years out of their working lives to look after children and to care for other family members,” she said.

“By and large, it’s women who do that. It’s not exclusively women [but] they do it more considerably than males. Because of the part-time scattered nature that women work, they don’t even earn the $40,000-$50,000 p.a. pre-tax income for a month to actually get contribution benefits. You look at who stays home full-time and looks after the children. Only about 4 per cent of men do that. A lot of older women face retirement without the support of economic scale.”

The rest of this article can be found at ifa.com.au.

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