Today I'm going to...

This International Women's Day, we recognise that the super gender pay gap remains. According to Industry Super Funds, if you’re a woman earning an income in Australia, then chances are you’re likely to retire with less super than your male counterparts¹.

The super gap

The super gap exists for a range of reasons, including women earning less on average than men². Women are also more likely to take time off from the workforce for maternity or carers leave and are more likely to work part time. As super is paid on top of our income, a lifetime of earning less means women can retire with less, and on average, have less super than men³.

What can we do about it?

NGS Super Specialist Sophie Harris is passionate about women's financial literacy and works with individuals to keep them well-informed and supported on all aspects of superannuation. With over eight years of experience in the sector, Sophie breaks down complex ideas so everyone can understand and maximise their super savings.

'We spend a lot of time earning our money, so we should spend a small amount of time working out what to do with it,' says Sophie. 'The super gap remains, and while sometimes it can seem like an insurmountable mountain to climb, change can start today. As someone who has worked in the industry for a long time, and with women at varying life stages, I believe super can be straightforward and something to be excited about. Whether you're starting your career or already retired – you can take control of your finances.'

Sophie suggests choosing one of the below actions to get started:

1. Today I'm going to connect with my super. 61% of Australians don't know their super balance⁴ – do you know yours? Download the NGS Super app and connect with your superannuation.


2. Today I'm going to get informed. Knowledge is power. Listen to podcasts, read books and learn as much as you can. NGS Super has a number of free webinars on a range of superannuation topics. Check out NGS MoneyCoach or play around with the NGS Super Calculator, and see the impact of making additional contributions. You can also read a range of articles that explain different aspects of super.


3. Today I'm going to book a free appointment with a Super Specialist. There is no such thing as a silly question. Jump on a call and chat about your super today.


4. Today I'm going to make additional contributions to my super. You can contribute extra funds to your superannuation account on top of employer contributions and boost your balance. If you're not working or unable to boost your super, but your partner can, you could consider contribution splitting. Contribution splitting allows your spouse to split certain super contributions paid to their account and transfer them to your super.


5. Today I'm going to check my insurance in super. Insurance enables you to have a backup plan in place to protect your family and your future. Learn more about your insurance options.

'What's most important for women to remember is that super is your money. It's your key to living well when you stop working, so take a super small step today and create a great tomorrow,’ says Sophie.

Need help?

If you have questions about understanding your super, we suggest the best first step is speaking with one of our Super Specialists, like Sophie. It's free, and they can answer your general questions about superannuation. Book your free chat with an NGS Super Specialist.