what women can do to boost their super savings

Like it or not, Australian women retire with around 25% less super than men¹. They also need to make their super last longer².

HESTA CEO Debby Blakey joined Bec Wilson on her Prime Time podcast in November 2024 to analyse the unique situation faced by women in saving for their retirement.

“Many women make an incredible contribution to the economy by being prepared to take time out of paid work to care for loved ones,” Debby says.

“The women who choose to do that are actually helping us to have a vibrant and sustainable future economy. I feel that should be valued. It's phenomenal.”

So what can these women do to catch up to their male counterparts when it comes to super? Debby has four suggestions for women who want to supercharge their retirement savings. Her advice is general in nature and doesn’t take into account people’s individual situations.

1. Confidence

Debby believes a lack of confidence is one of the biggest barriers for women in taking action for their financial future.

“We all know about the wonder of compound interest for our retirement savings,” Debby says.

“But confidence also compounds.

“So if women can consider what they can do to build their confidence, I think that’s a brilliant starting point and a very important first step.”

HESTA offers members a range of tools and support to help build confidence, including information sessions, online calculators, and access to advice from super experts at no extra cost.

Debby is thrilled to see so many HESTA members use our Future Planner tool to test out theories and help them see the impact of decisions they might make to boost their super.

“Future Planner is about bringing super to life and making it more straightforward,” Debby says.

2. Consolidation

Your super account is just like any savings account. The more that’s in it the more it can earn. That’s why it’s important to consider consolidating or combining your super into one account.

“Many of our members, and many Australians still have more than one super account when it probably doesn’t make sense,” Debby says.

“It could help to consider if you would be better served in terms of your retirement outcome by removing unnecessary duplicate fees and having one super account.”

Be aware that when you combine your super into one account, your entitlements with other fund/s - like insurance cover - may stop.

3. Contributions

Your employer contributes to your super, but these contributions alone may not be enough to give you a healthy balance in retirement.

Debby says any additional contributions you might make over the course of your working life are incredibly powerful.

“We’re not talking necessarily about large contributions,” Debby says.

“But can you contribute an additional amount in some way during particular stages of your life?

“There are times in your life journey when you definitely won’t be able to contribute extra. But there are times when you can, such as when people are in the early stages of their career without a mortgage or other family commitments.

“We do see some of our younger women members doing exactly that and I think, how incredibly smart.”

4. Checking in

Many of us see our super statements arrive in our inbox and leave them unread.

But Debby encourages everyone to develop a mindset around engaging with their super from time to time.

“It’s important to build in that rhythm where you are checking in on your super and thinking about it,” Debby says.

“Because five or 10 years can go past, and it will be great to have leant in and been aware of where your super is at, rather than just thinking it’s a set and forget.”

¹Association of Superannuation Funds of Australia, ASFA Research Note: Policies to reduce the gender super gap, July 2023.

²Australian Bureau of Statistics, Life expectancy, November 2024.