Brisbane Forum Tackles Women’s Retirement Savings Gap
The Australian Retirement Trust (ART) will host a forum in Brisbane to address the gender gap in retirement outcomes, gathering government, business, and community leaders.
The event will center on retirement security and factors like women’s workforce participation and financial knowledge that contribute to unequal results.
According to the Queensland Government’s consultation for its Women’s Economic Security Strategy, access to sufficient retirement savings is a critical issue.
ART data shows women aged 60 approaching retirement have average superannuation balances around 23 per cent lower than men. The fund also pointed to women’s greater likelihood of working part-time and their share of primary caring responsibilities, with women representing 67 per cent of primary carers.
With over 2.4 million members, including half of working Queenslanders, ART has a membership and workforce that is more than half female.
The Queensland Government has allocated $10.5 million to initiatives tied to the strategy, such as Women’s Economic Security Grants, Women’s Career Grants, and Jobs Academy programs.
Minister for Women and Women’s Economic Security Fiona Simpson stressed that women view economic security as having the freedom and confidence to shape their future.
Simpson said: “While Queensland women are making significant progress, many continue to face lower superannuation balances, lower financial confidence and barriers that affect long-term financial outcomes.”
She added: “The Women’s Economic Security Strategy is designed to create the right conditions for women to build their own success, and today’s discussion is another important step in that journey.”
ART CEO Kathy Vincent noted that improving retirement outcomes requires action throughout women’s careers, as career breaks, caring responsibilities, lower lifetime earnings, and unequal opportunities can accumulate over time.
Vincent said: “At Australian Retirement Trust, we see firsthand how career breaks, caring responsibilities, lower lifetime earnings and unequal opportunities can compound over time and contribute to a gender super gap.”
She added: “Women are retiring with significantly less super than men, and we believe that should change.”
Business Chamber Queensland chief executive Heidi Cooper said its Future of Women in Business report highlights both progress and barriers to women’s participation and entrepreneurship.
Cooper said: “Queensland women are not simply participating in our economy.”
Luminary managing director Russell Fairbanks said the forum will give leaders a chance to share ideas on boosting women’s economic participation and leadership.
