New research by BT Super for Life discovered that Aussie women know less than men about their superannuation. This table shows how the sexes compare:
Women |
Men |
83 percent of women find superannuation confusing. |
71 percent of men find superannuation confusing. |
9 per cent of women know their exact super balance. |
13 percent of men know their exact super balance. |
35 per cent of women are confident their super will meet their financial needs when they retire. |
47 percent of men are confident their super will meet their financial needs when they retire. |
21 per cent of women review their super statements thoroughly. |
27 percent of men review their super statements thoroughly. |
6 per cent of women say they make super contributions beyond the mandatory 9 per cent contribution. |
10 percent of men say they make super contributions beyond the mandatory 9 per cent contribution. |
Melanie Evans (pictured), from BT Super For Life, offers advice about how you can take control of your super:
- See your super as an asset – it’s almost 1 in every 10 dollars you earn so it makes sense to look after it.
- If it’s lost, find it – call the ATO (131 020) and have your tax file number handy – they will know where your super is if it’s lost.
- Use your maternity leave as an opportunity to consolidate funds – the difference between having one super fund compared with having five super funds can be more than $28,000 in fees over 30 years.
- Find a provider with online facilities – this will help you take a more active interest in your retirement savings. Having visibility over the money that’s in your super fund will make it more ‘real’.
- Take an interest in where your super is being invested – for Gen Y and Gen X women, if you’re comfortable doing so, don’t stick to a conservative default fund – you’ve got enough time to take a little more risk with your investment options.
- Make a super month with your girlfriends – set a deadline for your entire group to sort out their super and celebrate your financial success at the end with a nice dinner out.
For more info, visit BT Super for Life @ www.btsuperforlife.com.au