Only 11.3 per cent of females purchase their superannuation through a professional adviser, which is a concern given women’s significantly lower super balances, according to new research.
Roy Morgan’s “Single Source” survey revealed that not only do fewer women have superannuation (68.8 per cent) compared to men (73.6 per cent), but the average super balance for females is $133,000, which is only 71.9 per cent of the male average of $185,000.
“There are obviously a number of factors that account for these differences, but getting better advice on such a complex subject would be likely to help,” the survey said.
Roy Morgan industry communications director Norman Morris said currently 80.4 per cent of men and 84.0 per cent of women attained their super through their employer, and therefore without a financial plan or advice on their retirement savings.
“In an area as complex and subject to change as superannuation, professional advice for both males and females has the potential to play a major role in decision-making,” Morris said.
The survey of 50,000 consumers, including over 35,000 with superannuation, showed 5.3 per cent of men and 4.4 per cent of women purchased their super from an independent financial planner. When combined with those using planners/advisers who work for financial institutions, the total using planners/advisers is 9.8 per cent for men and 8.3 per cent for women.
Accountants were the next main professional avenue used for purchasing superannuation, with 3.7 per cent of males and 2.4 per cent of females opting for this route.
This brought the overall use of professionals when purchasing superannuation to 14.4 per cent for men and 11.3 per cent for women.