There are two main reasons that women end up with less superannuation:

1. On average, women earn less than men – even nowadays – and therefore, since compulsory employer contributions are based on a percentage of wage, women accumulate less super. This gender pay gap has been stuck between 13% and 19% for two decades with women still paid less than men in many industries, despite modern laws and changing attitudes.
2. A woman’s working life is often interrupted by maternity leave and time off to raise their family – not to mention, it is often women who also take time off to care for elderly parents.

Many women who take time out to raise a family can access the Commonwealth Paid Parental Leave Scheme, however the compulsory superannuation payment doesn’t apply to this scheme.

If you retire with a lower superannuation balance, then it means you may be more reliant on the Government Age Pension after you retire. This not only has the potential to reduce your quality of life in retirement, but it also limits your independence.

There are some important steps you can take while you are working to make sure you’re getting the most out of your super:

1. Don’t treat super as something you only need to think about when you retire – by then it could be too late. The earlier you start taking control of your super, the more likely you'll be better placed at retirement.
2. If you have more than one super account (as is often the case if you’ve worked at different places), look at consolidating them into one low-fee, member-focused super fund such as an Industry SuperFund. That way you may not be paying multiple management fees. Before you switch, think about:
   -  Will you be able to get the same level of insurance cover in your chosen fund?
   -  Can your employer contribute to your chosen fund?
3. Make your own super contributions while you’re working. Sure, it might mean a little bit less in your regular pay now, but there can be tax benefits attached to voluntary super contributions, and you’ll have more money to enjoy when you retire. What’s more, if you earn less than $60,400 per year, the government can contribute up to $500 to your super account. Depending on your income, this co-contribution can be as much as 50 cents for every one dollar you contribute yourself from your after-tax income.
4. If you have a partner, chat about how he or she can help boost your super by:
   • Making a spouse contribution to your super account
   • Arranging for contribution splitting from their employer.