This Women’s History Month, Let’s Talk About Women & Superannuation
Keywords: superannuation for women, women’s retirement savings, super for first home buyers, FHSS scheme Australia, women and financial security, how to grow super, home ownership for women, superannuation investment strategy, first home super saver scheme, financial planning for women, Zion Financial
March marks Women’s History Month—a time to celebrate the achievements of women throughout history. But it’s also a moment to focus on the challenges many women still face, particularly in financial security.
Two key areas where women often fall behind? Superannuation and home ownership.
Women, on average, retire with $246,300 in super, compared to $326,200 for men (ABS Household Income and Wealth Survey 2019-20). They also tend to live longer, meaning their retirement savings need to stretch further. Meanwhile, home ownership—a major asset for long-term financial security—remains out of reach for many women due to career breaks, caregiving responsibilities, and financial setbacks.
However, there are strategies to help women build wealth, secure a comfortable retirement, and even use their superannuation to buy their first home. Let’s explore how.
Why Women Fall Behind in Superannuation & Wealth Building
The financial gap women face isn’t just about earnings—it’s about life choices and systemic challenges. Here’s why many women struggle with super and home ownership:
1. Career Breaks for Caregiving
Many women step away from full-time work to raise children or care for family members. This leads to fewer employer super contributions, slower career progression, and missed investment growth opportunities.
2. Earlier Retirement
Studies show 51% of women retire earlier than expected, often due to health issues or caregiving responsibilities. With fewer earning years and a longer lifespan, retirement savings need to last longer.
3. Longer Life Expectancy
Women, on average, live longer than men. That means more years relying on super and other savings, making long-term financial planning even more critical.
How Women Can Strengthen Their Financial Future
Whether you're saving for retirement or your first home, there are actionable steps you can take today.
1. Engage with Your Super
Many women avoid checking their super because they feel behind. But awareness is power. Log in to your super account, check your balance, review your fees, and understand how your super is invested.
2. Make Additional Contributions
Even small voluntary contributions can grow significantly over time. Consider salary sacrificing a small percentage of your income or making after-tax contributions when possible.
3. Consolidate Your Super Accounts
If you have multiple super accounts, you could be paying unnecessary fees. Consolidating your super into one high-performing fund can help maximize your savings.
4. Review Your Investment Strategy
Your super fund’s default investment option may not be the best fit for your goals. Reviewing your investment strategy and choosing an option that aligns with your long-term financial plans can help optimize growth.
Can Super Help Women Buy Their First Home?
Yes! The First Home Super Saver (FHSS) Scheme allows first-home buyers to save for a deposit within their super, taking advantage of lower tax rates and potential investment growth.
How Does the FHSS Scheme Work?
You can voluntarily contribute up to $15,000 per year (capped at $50,000 total) into super for your home deposit.
These contributions are taxed at the concessional super rate (15%), making it a tax-effective way to save. When ready, you can withdraw your contributions (plus earnings) to use toward your first home deposit.
Who is Eligible?
✔ You must be a first-home buyer (not previously owned property in Australia).
✔ You must intend to live in the home (not for investment purposes).
✔ Contributions must be voluntary—employer super contributions don’t count.
The FHSS scheme can help women save faster and smarter, but it’s important to determine if this strategy aligns with your financial goals.
Is Super the Right Investment Strategy for You?
Super is one of the most effective ways to build long-term wealth, but it’s not the only option. Before making financial decisions, consider:
💡 Timeframe – Super is designed for long-term savings, meaning access is limited until retirement (except through FHSS for home buyers).
💡 Growth Potential – Super offers compounding benefits, but some women may prefer direct investments in property or shares.
💡 Tax Advantages – Super has some of the best tax breaks, but flexibility matters too.
💡 Diversification – A strong financial plan includes multiple wealth-building strategies, such as property, shares, and savings.
Take Control of Your Financial Future
Women deserve financial security in retirement and home ownership. Whether you’re planning for the future, consolidating super, or considering the FHSS scheme, having a strategy in place is key.
At Zion Financial, we help women make informed, confident financial decisions so they can build wealth on their terms. If you’re ready to explore how superannuation can support your homeownership and retirement goals, we’re here to help.
Want to learn more? Let’s chat about the best strategy for you. Contact us at info@zionfinancial.com.au today.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Please consult a qualified financial professional before making any decisions regarding your superannuation, investments, or financial strategy.
