'Consider your super', ASBFEO tells women ahead of International Women's Day

According to stats, one in three women are retiring with zero superannuation, Ms Carnell warned, and while the number of women becoming small business owners had grown significantly in recent years, many are still not making regular contributions to their super.

“The average super balance for women aged between 45 and 54 is about $114,000 versus $180,000 for men in the same age bracket,” said Ms Carnell.

“Women have an average retirement fund of $196,000 while men finish up their working lives with more than $310,000.”

She acknowledged a common trend among small business owners who tend to rely on their business to be their super, putting money into their business instead of their super funds.

“The strategy is often to ultimately sell the business and use the proceeds to fund retirement, but that’s very risky – particularly for women who, statistically speaking, are less likely to grow their business,” said Ms Carnell.

According to the ASBFEO's Small Business Counts report, more than half of Australia’s small business owners have reported taxable incomes of less than the minimum wage, which makes super payments tough.

“But even a small amount put away now – with compounding interest – is better than later in life,” said Ms Carnell. 

“This International Women’s Day, let’s celebrate the fact that women are fantastic entrepreneurs but it is critical women consider their future now and make regular contributions to superannuation.”