Closing the super savings gap
Superannuation | 3/03/2020 |
5 min read
Equip’s Chief Investment Officer, Anna Shelley, had an early introduction to the stock market. When she was very young, her father gave his daughters a token amount of money to invest. Their confidence was just starting to build when the stock market crash of 1987 hit and the girls lost half their money. But they followed a plan, recovered their losses and made a healthy gain, proving that long-term investing pays off over time.
Those lessons have stayed with her ever since, and today Anna oversees a $27-billion dollar investment portfolio across Equip and Catholic Super. While the markets did well in 2019, and helped fund members grow their savings, the gap between men’s and women’s balances is an ongoing issue in the superannuation sector.
As Anna explains, “On average, Australian women currently retire with just over half of what men have and will live five years longer. International Women’s Day is a good reminder to schedule an annual super health check and try to close that gap.”
“For example, the first step to a stronger financial future could start with a look at the Retirement Calculator on your super fund’s website. These calculators can typically show you what income you might be able to expect in retirement and how you are currently tracking towards your retirement goals. You might find that the income you are likely to receive in your retirement is less than you expected.”
If you’re balance isn’t where you need it to be there are a variety of ways to boost it. Equip offers simple and practical ways to personalise your super and make it work for you. If you’re getting closer to retirement and would like professional advice Equip also offers a dedicated financial planning service (which can be paid for directly from your super). You can learn more here.
As Anna summarises, “The focus is on the long term. Don’t be too concerned by short term market movements. Your super investment options are designed to ride out short term market fluctuations and give you sound returns over long periods of time, for example, over 10 years and longer.”
“It’s a sad but true fact that some 40% of older single retired women live in poverty and experience economic insecurity in retirement. But with some forward thinking, we can work to dramatically improve that statistic.”
Try Equip's Move the Dial tool to see how your super compares. Click here.
This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Togethr Trustees Pty Ltd ABN64 006 964 049, AFSL246383 ("Togethr") is the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("Equip" or "The Fund"). Past performance is not an indication of future performance.