Right now, many women are living their final years in poverty. Women make up more than half of Australia’s aged pensioners. Also women have less superannuation than men because of them being excluded from superannuation historically and because of interrupted work patterns due to time out to care for families.
- The average superannuation payout for women is half that of men.
- One in three women retire with no super at all.
- In Australia, women working full-time today earn 18 per cent less than men.
Women retire earlier, live longer and have less super, therefore they rely more heavily on the aged pension.
The government has made significant cuts in this area that affect women directly including
- Increasing the retirement age to 70 years by 2035. This means more women are likely to live in poverty in the years between retirement and gaining access to the pension.
- Changing assets test.
Superannuation is also not paid on the government’s parental leave payment, meaning women are falling further behind.