Empowering Women

Gender superannuation gap: Why you should take notice!

With International Women's Day just around the corner, it’s a good time to shine a light on the challenges women still face when it comes to securing their financial future. One of the most significant obstacles is the gender superannuation gap.


For those who aren’t aware, the gender superannuation gap refers to the difference in retirement savings between men and women. Sadly, statistics show that women in Australia retire with about half the super balance of men, leaving them vulnerable to financial hardship and poverty in old age.


You’re likely impacted by the gap

Working in childcare, you’re likely impacted by the gender superannuation gap. This is due to female-dominated industries often paying lower wages and providing fewer career advancement opportunities. Due to the gender pay gap and the fact that many women take time out of work to care for children or elderly loved ones, their super balances are often significantly lower than their male counterparts. It’s frustrating to think that your hard work and dedication to the care of the future generation may lead you to financial vulnerability later in life. But don’t despair, there are steps you can take to improve your super balance.


How to minimise the gap

First, make sure you're aware of your super balance and how it's tracking. You can do this by getting online access to your super account, downloading the app (if available) or contacting your fund.

Second, consider making additional contributions to your super if you can afford to do so. One of the most effective ways to boost your super is through ‘spouse contributions’. Your spouse can contribute some of their pre-tax income into your super account. This could not only help reduce their tax bill, but it also helps boosts your super balance. Plus, you can also make your own additional contributions to your super.

Consolidating your super accounts is another strategy to consider. Many of us have multiple super accounts, which means paying multiple sets of account fees. By consolidating your super into one, you can save your super from potentially being eaten away by multiple fees.

This International Women’s Day, let’s take steps together to empower ourselves to build a brighter financial future.

To learn more about Child Care Super, visit our website www.childcaresuper.com.au.



This article contains information of a general nature only. It is not intended to constitute the provision of advice. Before acting on any information you should consider its appropriateness having regard to your objectives, financial situation and needs. Before making a decision about any financial product, you should consider the Product Disclosure Statement and refer to our Product Market Determination document in deciding whether to acquire or continue to hold the product. You can get a copy of the Child Care Super PDS by calling us on 1800 060 215 Monday to Friday, 9am - 6pm AEST. You may also wish to consult a license or appropriately authorised financial planner. Guild Trustee Services PTY Limited ABN 84 068 826 728. AFS License No. 233815. RSE License No. L0000611 as Trustee of the Guild Retirement Fund ABN 22 599 554 834 (which includes GuildSuper and Child Care Super) MySuper Authorisation No. 22599554834526. This email was sent to you because you are a current member.