Australian women retire with significantly less superannuation than men on average, reflecting differences in workforce participation, career breaks for caring responsibilities, part-time employment rates, and the gender pay gap. This disparity has significant implications for women's financial security in retirement.
APRA Annual Superannuation Statistics show that the gap between male and female superannuation balances is present across all age groups and widens as workers approach retirement age. Women aged 60 to 64 typically retire with around 30 percent less superannuation than men of the same age.
Policy responses to the superannuation gender gap include the extension of superannuation contributions to paid parental leave from 2025, which will help reduce the impact of career breaks on women's retirement savings.
Women's lower superannuation balances mean they are more likely to rely on the age pension in retirement and more vulnerable to financial hardship in old age. Financial planning strategies including spouse contribution splitting can help address imbalances within couples.
Data sourced from APRA Annual Superannuation Statistics gender disaggregated tables. Updated annually.