Latest News

Hot Issues
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
Big fines, prison on the cards as new SG penalties introduced
spacer
Extra website resources and tools is one way we offer you and your family more.
spacer
FBT Exemption for Various Work Vehicles
spacer
Tax payable on expenditure recoupments
spacer
ATO identifies SMSF contravention red flags
spacer
Who wins dispute about taxable income?
spacer
Australia - facts & figures March 2019
spacer
Strategies to handle scam phone calls and problem e-mails.
spacer
Instant asset write-off threshold upped to $25k
spacer
Jail time for GST fraud
spacer
Correcting GST Errors
spacer
Fuel tax credit rates raised
spacer
ATO set to contact clients for overdue TPAR
spacer
Reminder on Victoria Property Duties
spacer
How Australia is performing.
spacer
Global outlook summary: Down but not out
spacer
Bookkeepers remind on incoming TPRS obligations
spacer
Golden Rules for Deductions
spacer
How's Australia going - vital statistics?
spacer
Tax, SMEs set to be ‘political football’ in 2019 as election nears
spacer
Cap lifted on popular financing option for clients
spacer
Expiry of 900,000 interest-only loans set for January
spacer
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
spacer
Tax Office sounds alarm on popular property strategy
spacer
Our Advent calendar for 2018
spacer
‘Please do not panic’: ATO boss addresses STP concerns
Article archive
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Superannuation gender gap narrowing, research shows

Over the past decade, there has been improvement in the number of women holding superannuation accounts and the size of their superannuation balances compared with that of men, according to a research house.

       

 

Research from Roy Morgan indicates that the proportion of women with superannuation has improved with 64.7 per cent of women now holding assets in super, compared to 57.4 per cent of women in 2008.

The proportion of men holding super has also improved but not as significantly, rising from 66.5 per cent in 2008 up to 69 per cent for this year.

The results were based on the Roy Morgan Single Source survey, which has conducted personal interviews with over 500,000 Australians over the past decade.

The survey also indicates that the average balance for women has also grown by 87 per cent, jumping from $68,000 in 2008 up to $127,000 this year.

The average balance for men grew 53 per cent from $115,000 up to $176,000.

According to Roy Morgan, the gap in superannuation balances between women and men has been closing across all age groups in the past decade.

The research shows that the biggest gain was made by the 50 to 59 female group, which improved by 15.2 percentage points, jumping from only 54.5 per cent of the male average in 2008 up to 69.7 per cent  in 2018.

The other groups to show big improvements were those aged 35 to 49 with a 14.2 percentage point increase to 75.4 per cent, and the 60+ segment, up 9.8 percentage points to 72.1 per cent.

The female age that is closest to the male average is the 14 to 34 segment at 85.6 per cent, which has increased marginally from 83.9 per cent back in 2008.

Roy Morgan industry communications director Roy Morgan said that with the current gap indicating that the average superannuation balance for women represents just 72.2 per cent of the average male balance, there is still a long way to go, but is still a significant improvement on the 59.1 per cent recorded in 2008.

“In addition to problems associated with lower average incomes, females are more likely to have interrupted employment. However, despite these negative factors operating against them, women have made gains in closing the superannuation gap to men,” said Mr Morgan.

“Generally, both sexes are still unlikely to fund an adequate retirement entirely from superannuation unless contribution levels are increased and continue higher for several decades.”

 

 

Miranda Brownlee
15 October 2018
smsfadviser.com

 

© O'Brien and Partners 2011 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922