The General Secretary of the Queensland Council of Unions, Ros McLennan, discusses the gender gap in superannuation:
‘While interest groups and politicians bicker over the scope of already outrageously generous tax concessions, women continue to largely retire poor with too little super. This superannuation gender gap is the real crisis facing our quickly ageing society.
‘The union movement and industry super funds have warned about this gap for many years, and it’s encouraging to now see retail super funds echoing these concerns.
‘In 2015, the average super balance at retirement for women was $138,150 but was $292,500 on average for men. Based on modelling from Industry Super Australia, that current $154,000 gap will increase to $170,000 by 2030.’