’s superannuation system is a treasured income stream for millions of people in retirement, but the unfortunate reality is there’s a persistent imbalance between men and women and the nest eggs they have saved up over their working lives,” ARA CEO Paul Zahra said.  “The gender super balance gap begins to open up when women reach their 30s, when they tend to take career breaks to have and care for children, and they often return to work earning less than what they did beforehand.” In order to close the super balance gap, Zahra said it’s important to remove the barriers for women to return to work, invest in upskilling for those that have taken time out from their jobs and provide better access to childcare. “Female underemployment in retail is linked to childcare, with inflexible working conditions and skills also major barriers to participation. The ARA continues to work closely with industry and advocate government for improvements in these areas and our efforts will only strengthen as part of our new strategic partnership with Rest,” Zahra said. Rest CEO Vicki Doyle said there has been progress made in 2021 but that more needs to be done to improve the retirement outcomes and financial security of women and lower-income Australians.  “This partnership is an opportunity to share Rest and the ARA’s combined expertise of the acute challenges facing vulnerable people, and advocate for solutions to address these challenges, promote greater equity and contribute to the sustainable development goals,” Doyle said.  “Including superannuation contributions as part of the Australian Government’s parental leave pay and dad and partner pay schemes is one solution to address inequity. We have long advocated for this measure and will continue to do so.” Less pay, less super Glen James, former financial advisor and author of Sort Your Money Out & Get Invested, says the gender superannuation gap begins with the gender pay gap.  “In August of this year, the Workplace Gender Equality Agency (WGEA) released the latest national gender pay gap figure of 14.20 per cent. Less pay means less super,” James said.  “The fastest growth in homelessness in Australia is with women aged over 55 years old and about 40 per cent of single women enter retirement in poverty.” What many people may not realise is there are options to split superannuation with a spouse, James said.  “You are able to move or “split” up to 85 per cent of your superannuation contribution to a spouse who may be on a lower income or on leave for a period of time. There are some rules around this, but it’s seriously the best kept secret in the superannuation world! Speak to your superannuation fund about this one,” he said.  “Research shows that taking leave to start or manage a family is a large contributor to the gender pay gap. So superannuation splitting will help close this gap.” Time to step up When the latest data was released by the WGEA, James realised his duty as a business owner to step up on the issue of superannuation inequity.  “I have made a guarantee to all of my employees that superannuation will continue to be paid when they are off work and on parental leave,” he said.  “I saw the opportunity to make a difference for my team members, whichever gender they are.” He says making change starts with education and that business owners and employees alike need to educate themselves on what financial security should look like for each individual.  “It also means taking action that’s within your power,” he said, suggesting free podcasts such as My millennial money and Gen Z money. He advises business owners to conduct regular pay gap audits, allow flexibility and adaptability for roles, value people and show leadership on the issue.  For employees, he points to the WGEA website where there is more information about the gender pay gap. He suggests discussing parental leave policies with employers and advises employees to ask their superannuation fund what options are available to them when there is extended leave or a lower income. “Talk about it. Learn about it for yourself. This isn’t just a women’s issue either. It’s an issue for everyone. It starts with small changes that are within your power.”