Men’s superannuation savings … and women’s

From ABC News By Dan Conifer.

Young women will have less superannuation savings than men in retirement unless changes are made, a Senate report has found.

The Senate economics committee’s final report into women in retirement said on average men end their working lives with superannuation balances twice as large as women.

“Australia needs to redouble its efforts to achieve equality at work,” the committee said.

“Government, business and individuals have a role to play in achieving women’s full participation in our workplaces.”

The committee said women, particularly single women, were at greater risk of poverty, housing stress and homelessness in retirement.

It said equal pay for women, along with access to career development and leadership opportunities, was vital and said women should not be penalised for caring for family and friends.

“Australia’s retirement system disproportionally rewards the working lives of men over women,” committee chair Labor senator Jenny McAllister said.

“If action is not taken now, women currently aged 25-29 will still face a less secure retirement than men of the same age when they retire in 2055,” Senator McAllister said.

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