Ladies, here’s how to unleash your super power

August 9, 2021

Living your best life, for all of your life, starts with looking out for yourself.

If you’re in your early working years, you might see super as not all that relevant right now – as money you don’t even think of as yours because it’s locked up for decades. Or perhaps you’re just too busy, getting your career off the ground, creating new experiences and having fun, to spare a thought for your financial future.

That’s understandable, but there are important reasons why you should make your long-term financial security a priority – and develop healthy savings habits to match – while you’re young.

Australian women accumulate, on average, far less super than men. The gap opens up from an early age – women aged 25 to 34 have an average super balance of $31,600, while men of the same age have an average balance of $41,700, according to statistics published by the Association of Superannuation Funds of Australia (ASFA).1 That’s a difference of 28 per cent and, for many women, the divide only continues to widen.

Meanwhile, according to ASFA, one in three women across all age groups have no super at all. This may be the result of working casually or part-time in jobs where the hours worked aren’t enough to qualify for employer contributions, being self-employed, or never having been in paid employment.

The gender pay gap – the difference between the average earnings of men and women in the workforce – can also make it tougher for women to get ahead. It’s currently 13 per cent in Australia, according to the Workplace Gender Equality Agency.2

It’s sobering – but if you’re in the workforce, either full-time, part-time or casually, you can turn things around.

Getting ahead in the savings stakes

Setting yourself up for the long term doesn’t have to mean depriving yourself of everything that’s enjoyable in the here and now. Taking some simple steps while you’re young can set you on the path to a more secure financial future. Thanks to the power of compounding interest, for example, the earlier you act, the easier it is – and the greater the difference it will make.

A good way to start is by setting some simple goals for yourself and working out how you’ll achieve them. That could mean saving a percentage of your income towards a home deposit, pledging to clear your mortgage faster, or adding your spare change or other small sums into super.

Supercharge your super

Understanding your position – knowing how much is in your super account and how it’s invested, and topping up your balance when you’re able – can make a huge difference to how well you’ll be able to live later in life.

Contributing an extra $50 or $100 a month, for example – the cost of a couple of takeaways or a night out – could mean an additional $100,000 in your super account when you retire, provided you start young enough. Try a calculator for yourself and see.

Ensuring your super balance keeps growing doesn’t have to be a solo effort, either. If you’re in a relationship, your partner may be able to claim a tax offset of $540 if they make contributions of up to $3,000 a year to your super, on your behalf, while you’re off work or earning a low income.

Securing the future you deserve

Closing the super divide and setting up a secure tomorrow doesn’t happen by accident – but it also doesn’t have to require a massive lifestyle shift. It’s instead a mindset shift.

Time is one of your greatest assets in taking charge of your finances. Taking steps while you’re young can help you to keep on enjoying your best life, not just now but all through your life.

It’s your money – and your future. Financial independence starts with you.

If you want to discuss strategies on how you might be able to boost your super, speak to us on Phone 02 4342 1888.

1 The Association of Superannuation Funds of Australia, Superannuation Statistics, May 2021,
2 Workplace Gender Equality Agency, February 2021,

Source: MLC July 2021

Important information and disclaimer
This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. The information in this article is current as at June 2021 but may cease to be accurate in the future.

NULIS is part of the group of companies comprising IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate (IOOF Group).

Opinions constitute our judgement at the time of preparation. In some cases information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.

To the extent that the information in this article is or contains advice, it does not take into account any particular person’s objectives, financial situation or needs. Before acting on the information, you should consider the relevant Product Disclosure Statement, consider the product’s appropriateness to you having regard to your personal objectives, financial situation and needs, and consider obtaining independent advice. The Product Disclosure Statement for the MLC Super Fund is available at or can be obtained by calling 132 652 (Monday to Friday between 8am and 6pm AEST/AEDT). Returns are not guaranteed and past performance is not a reliable indicator of future performance. The value of an investment may rise or fall with the changes in the market. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the IOOF Group accepts responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.

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