Be a Super-woman: Take control of your superannuation with help from finance expert Melanie Evans

Only 1 in 3 Aussie women are confident that they’ll retire in comfort. 83% also find superannuation confusing. We asked Melanie Evans, Head of Superannuation at BT Super For Life, to help you manage your super; one of your biggest financial assets.

New research by BT Super for Life discovered that Aussie women know less than men about their superannuation. This table shows how the sexes compare:

Women

Men

83 percent of women find superannuation confusing.

71 percent of men find superannuation confusing.

9 per cent of women know their exact super balance.

13 percent of men know their exact super balance.

35 per cent of women are confident their super will meet their financial needs when they retire.

47 percent of men are confident their super will meet their financial needs when they retire.

21 per cent of women review their super statements thoroughly.

27 percent of men review their super statements thoroughly.

6 per cent of women say they make super contributions beyond the mandatory 9 per cent contribution.

10 percent of men say they make super contributions beyond the mandatory 9 per cent contribution.

 

Melanie Evans (pictured), from BT Super For Life, offers advice about how you can take control of your super:


  • See your super as an asset – it’s almost 1 in every 10 dollars you earn so it makes sense to look after it.
  • If it’s lost, find it – call the ATO (131 020) and have your tax file number handy – they will know where your super is if it’s lost.
  • Use your maternity leave as an opportunity to consolidate funds – the difference between having one super fund compared with having five super funds can be more than $28,000 in fees over 30 years.
  • Find a provider with online facilities – this will help you take a more active interest in your retirement savings. Having visibility over the money that’s in your super fund will make it more ‘real’.
  • Take an interest in where your super is being invested – for Gen Y and Gen X women, if you’re comfortable doing so, don’t stick to a conservative default fund – you’ve got enough time to take a little more risk with your investment options.
  • Make a super month with your girlfriends – set a deadline for your entire group to sort out their super and celebrate your financial success at the end with a nice dinner out.

For more info, visit BT Super for Life @ www.btsuperforlife.com.au

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