Ending super gender gap needs collective approachBY LAURA MILLAN | FRIDAY, 11 DEC 2015 12:19PMOne single strategy will not be enough to end the superannuation savings gap between men and women, industry stakeholders have concluded. Related News |
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Shail Singh
LEAD OMBUDSMAN INVESTMENTS AND ADVICE
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
To be successful as Australian Financial Complaints Authority's (AFCA) lead ombudsman for investments and advice, one requires empathy, impartiality, and rationality. Shail Singh shares how he also uses legal and financial advice expertise to help consumers, small businesses, and member firms. Karren Vergara writes.
Of course women will have lower average account balances at a given age than men, assuming that they take time off work during their child bearing years.
However women also have a 2-year longevity advantage over men, meaning that for each gender to have equal periods in retirement then women should retire at an age 2 years later than men. Those later 2 years of extra contributions, plus the compound interest on their account balance, will make up for their earlier periods of unemployment.
Now that is the way to true Gender Equality.