Supporting retirement planning at any age
Cost-of-living pressures are driving more Australians under 40 to plan for retirement, with 49% taking action, research commissioned by HESTA finds.
Life
Did you know that Australian women retire with around 25% less in super than men1?
So, why does this gender super gap exist? The journey to retirement is shaped by numerous factors, with the amount in your super being influenced by your salary and how many hours you work throughout your career.
Women often encounter a unique set of challenges that can lead to earning less super over their working lives. These include:
- taking time out of the workforce to care for children and other family members, which interrupts their super contributions.
- the prevalence of casual or part-time work arrangements among women, which often results in lower super contributions.
- the enduring gender pay gap, which sees women earning less than men for similar work, directly affecting their ability to accumulate super.
We understand the responsibility that comes with having over 1 million members — of which around 80% are women — who trust us to look after their financial future.
This is why, we’re committed to using our collective voice to address inequities impacting our members and those we see falling behind.
A win for women and super
After 13 years of advocacy, we were thrilled with the Government’s recent announcement to finally begin paying super on the Commonwealth Paid Parental Leave Scheme from 1 July 2025.
This move will give women’s retirement savings a much-needed boost, help close the gender super gap, and make Australia’s super system fairer.
Advocating for more change
While this announcement is a significant step forward, there’s still more work to be done. So, HESTA is calling on policy makers to:
- change the Low-Income Super Tax Offset (LISTO) to reflect current tax and super settings, so that lower-paid workers — like many HESTA for Mercy members — don’t pay more tax on their super contributions than their wages.
- introduce a ‘Carer Credit’ to compensate parents for super lost due to unpaid parental leave. Even a small boost to a primary carer’s super could create huge potential long-term benefits at retirement.
These changes would help make a difference for the retirement savings of women and low-income earners across Australia.
Learn more today about what we’re doing to improve the drivers of financial disadvantage HESTA website.
Little things you can do now
Do you want to make a positive impact on your super? Here are some things you can do to help you build your financial confidence.
Manage your super
Access your online account 24/7 to keep track of your super performance, check your investments and update your details by simply registering and logging into your account.
Consider contributing more if you can
Add extra to your super beyond what your employer contributes. Even small, additional amounts can make a difference over time, thanks to compound interest — which is interest earned on interest.
Need support outside of super?
We can connect you to Ask Izzy^, a free directory provided by our partner, Infoxchange. Find and access local support services including financial assistance, mental health counselling, and more.
Combine your super*
More super in your account – means the more it could earn. That’s why it’s important to consider combining your super to avoid unnecessary fees and costs.
Speak with an adviser
HESTA for Mercy members can book a super health check with our experts. Get help to work out how much super you’re likely to have when you retire, how to boost your balance, or how to invest your super as your needs change.
Explore HESTA for Mercy resources
Access free tools and information including online calculators and guidance on retirement planning.
1 Association of Superannuation Funds of Australia, ASFA Research Note: Policies to reduce the gender super gap, July 2023.
* Before combining your super, consider any fees or charges that may apply, and the effect this transfer may have on any benefits you have in your other fund, such as insurance cover.
^ Ask Izzy is owned and operated by Infoxchange ABN 74 457 506 140. Third-party services are provided by parties other than H.E.S.T. Australia Ltd and under the terms and conditions of those parties. H.E.S.T. Australia Ltd does not recommend, endorse or accept any responsibility for the products and services offered by third parties or any liability for loss or damage incurred as a result of services provided by third parties. You should exercise your own judgment about the products and services being offered.
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