The latest ATO “SMSF Quarterly Statistical Report September 2022” has shown the sector is beginning to significantly close the retirement savings gender gap, according to the SMSF Association.
“There are more females than males establishing an SMSF in the September 2022 quarter aged 25 to 44, which suggests the gender gap in SMSFs membership will continue to shrink over time,” the industry body noted in a recent member newsletter.
Specifically, in the demographic range the SMSF Association highlighted, 46.5 per cent of establishments involved female trustees, while 42.2 per cent were for trustees who are men. This reflected a stronger demographic trend of this type in comparison to the June quarter 2022 data where female trustees were involved in 43.1 per cent of funds set up and 39.2 per cent of new funds included male members.
Although female trustees featured more prominently in fund establishment for the September quarter 2022, the overall membership data for SMSFs set up during the period based on gender indicated males still outnumber females 55.1 per cent to 44.9 per cent respectively.
With regard to the age of people making the decision to start their own SMSF, it is continuing to fall. To this end, fund establishment was most popular among 35 to 44 year olds in the September quarter 2022, with this cohort representing 34.5 per cent of all new funds. This is an increase from the June quarter where people in this age band accounted for 32.2 per cent of all SMSFs set up.
The period saw net SMSF establishments number 6185, broken down to reflect 6267 new funds and 82 that were wound up.
The SMSF Association recognised the figures reinforced the significant role the sector plays in the superannuation industry as a whole.
“Overall, SMSFs continue to be an integral and significant part of the superannuation system, collectively holding in excess of $865 billion, approximately 26 per cent, of the $3.3 trillion in super assets under management,” it stated.
