Women already retire with far less than men and now some government MPs want to cut super and push women even further behind, a new Industry Super Australia (ISA) campaign video will warn.
The video will be directly beamed into the social media feeds of women under-35 and send the stark warning that potential government plans for super could impact them most.
With more women set to receive the promised super rate increase than men, ensuring it goes ahead is a crucial part of closing the gender super gap.
ISA analysis shows men have $282 billion more than women in their super funds, while on average women retire with 36 per cent less super than men.
The gap is widening as the government drags its feet on measures to help boost women’s super like:
- Paying super on Commonwealth parental leave;
- Abolishing the $450 threshold where super is not paid unless you earn more than that a month, this greatly impacts women as they are more likely to have multiple part-time jobs;
- Failing to enact super splitting legislation, this streamlines the splitting of super assets and allows more women to get their fair share of super when a relationship ends.
A recent retirement survey, commissioned by ISA, found that on average women spend 12 years less in the full-time workforce than men, this time away from work is having a dramatic impact on their super balance.
The last thing Australian women need is for MPs who earn 15% super to get their way and cut the super rate, making it even harder to catch up.
ISA’s social media campaign to warn members about the adverse impacts dumping the legislated super guarantee increases could have on their savings has been seen more than 20 million times. New analysis shows women are significantly more likely to engage with the social media ads, with higher view through rates than men and about two-thirds of YouTube ads being viewed by women.
The campaign will use localised data to show what people in the area they live stand to lose if the super rate is cut. See the new video: https://www.youtube.com/watch?v=5EULfgg-axg
Comments attributable to Industry Super Australia Director of Advocacy Georgia Brumby:
“Women are already being left behind at retirement – now some federal politicians want to cut women’s super, making it even harder to catch up.”
“More women than men are likely to receive the legislated super increase – delivering on this promise is key to bridging the gender super gap.”
“Until we fix inequities in the super system we will continue to see women retiring with balances that are persistently lower than men.”
“Our members expect us to protect their financial interests and warn them about changes that will leave them worse off at retirement and that’s exactly what this campaign will do.”