I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Why Women have Less Super than Men

A new proposed policy for superannuation shows the government could save $7 billion a year by raising the access age from 55 to 65. It may not have much impact on your life now, but it is surprisingly relevant to any point in your life, especially the women.

The Gap in Super Funds Between Mean and Women

There is a massive gap in super funds between men and women. The association of superannuation funds in Australia estimated that the average retirement payments for men were around $25,000. For women, it was a $150,000, which is a hundred thousand dollars less.

It seems pretty outrageous but the reason for it is simple. It's a system that is more favorable to men at the moment. It means the current system is linked to paid work which women do less of and where they are paid less of such that they end up saving less. You might think that this is something you don't have to think about until you're much older, but that classic error proves otherwise.

Let's take an example. Let's say a workplace is staffed with men and women who essentially do the same amount of work, have similar levels of experience, and share the same responsibilities. But if you were to check in the same workplace in 30 years, and countless studies have shown this, the men in the workplace are far more likely to be financially better off than the girls.

Take an average man and woman who start work at the age of 25. When couples have kids, women are more likely to start work or work less and less likely to come back to high paying jobs. So by the age of 40, there will be a significant difference in the money saved. Say a member of the family gets sick. Again, it's the women who are more likely to stop working and work part-time.

Meanwhile, men continue to climb on positions that are more secure and get the promotions. By the age of 55, men have almost doubled the amount of superannuation that women do. Imagine there's a divorce. Is it a wonder that older, single women in Australia are increasingly likely to be living in poverty? They are being labelled the newly homeless. So if anyone needs that money, it's them.

If you want to know more about this issue, visit our site at www.australiansuperfinder.com.au

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