We've designed a super fund for Australian women - FairVine.
Women on average retire with less than 50% of the retirement savings resources of men.
Women over 55 are the largest growing group of homeless Australians.
Most Australian women will not have enough to retire comfortably on.
The causes are multiple:
Career breaks for raising children tend to fall to women.
The gender wage gap.
Return to work positions are usually part time, lower paid, less senior, or part of the gig/ casual economy.
Super funds have been structured in a way that doesn’t account for career breaks e.g. ongoing fees, coupled with high insurance premiums, can erode a non or low earner's super balance to the point of extinction.
In a divorce, women often divide the assets with a skew towards retaining the family home for the children, leaving their ex with the bulk of the super asset.
The headline? Legislated super contributions alone will not achieve super parity, nor will they allow for a comfortable independent retirement for most Australian women (or even most Australians).
To help women secure their financial future, saving more, effortlessly, is the number one priority. With compound interest, even small amounts every month add up to a lot when you retire. Typically, making extra contributions to your super is complicated, often involving a maze of paperwork — and that’s if its even possible with your fund. To enable women to easily make extra contributions to their super, we developed these smart tools:
Baby bonus - we refund fees for members on parental leave
Break up - we do not charge fees for Family Law splitting.
Right size - we make it easy to fit your Life, TPD and Income protection insurance with your needs.
FairRewards - instead of flight points, our retail partners such as Woolworths and Witchery will put that percentage into your super fund, as a dollar figure.
TopUps - have you ever tried to make extra payments or put windfalls into your super? If your fund allows it, it’s complicated, with some funds not having this option at all. We make it easy, using a direct link between your bank and your super, a one click process.
RoundUps - round up your daily expenses, such as coffee, to an amount you choose and have this added to your super, e.g. $4.50 becomes $5, with that 50c going into super. A little goes a long way.
Events - Alongside these features, we run development workshops to provide support to increase member’s wealth today - the best route to a comfortable retirement.
We’re looking to level the playing field, and close the gender wealth gap. Because financial inequality isn’t just a gender issue. It’s an Australian issue.
You can check us out at FairVine: Home