International Womens Day 2021
Today is International Women’s Day, a day to celebrate women and their achievements.
Did you know that the SDA Newcastle & Northern Branch is comprised of over 13,564 women and men joining together to form their Union?
Of this, 9,256 members are women. That is 9,256 reasons to bring up the topic of superannuation.
2020, and the once in 100-year pandemic that ensued, issued many challenges for our members.
Covid-19’s arrival meant reduced shifts and stand downs for some workers, while others in supermarkets were classed essential and worked around the clock.
This helped teach the community many things, but one of the most important lessons was to learn to protect your future.
Most people consider super as not the most exciting of topics, but it should be.
Your super account is your future investment, but it also offers many insurance options such as income protection, total permanent disability (TPD) and accident/death insurance.
Super is an important topic for everyone, but for women it is vitally important.
Women should pay more attention to their accounts as current research shows that a staggering 90% of women will retire with inadequate retirement savings.
Women make up 46.9% of the current workforce of 12,939,000 which means the female workforce in this country is a little off 6,000,000.
To imagine that 90% of these women will retire with inadequate retirement savings is staggering.
Would you be happy to know that 40% of single, older retired women live in poverty and will experience economic insecurity in retirement?
In the year 2021, 44% of women still rely on their partners as their main source of funds for retirement.
8.5% of these women between 65-74 still have a mortgage, and this number would be expected to increase with the cost of the modern-day mortgage taking up a large slice of women’s weekly income.
Including part-time workers, the average female salary is around $44,000 annually.
Females who graduate alongside male workers in the same roles still earn around $5,000 less per year than their male counterparts, achieving this whilst spending on average around five hours a day longer caring for children.
The key factors behind the gender super gap are varied.
43% of women in the workforce are employed on a part-time basis.
Women who are employed on a full-time basis earn approximately 18% less than their male counterparts whilst also taking on average five years out of the workforce to care for children and other family members.
This is a leading cause as to why women’s superannuation savings stagnate and fall behind their male counterparts.
The current 9.5% Superannuation Guarantee is just not enough for women to accrue sufficient savings for their retirement.
It is estimated 220,000 women miss out on $125 million of superannuation contributions as they do not meet the requirement of earning $450 per month from one employer.
Many of these women work more than one part-time job just to help make ends meet.
Have you checked your super account lately? Have you reviewed your insurance?
Who knows what tomorrow will bring? We best get prepared!