12 Fashion Journal readers share how much money’s in their superannuation account

“Women have less super than men (thanks, gender pay gap) and every bit counts.”

In the age of the cozzie livs, we’re on a mission to dispel the longstanding taboo surrounding money. And what’s more mystifying than a superannuation account? Particularly for Australian women, who still earn significantly less than their male counterparts. On average, women retire with 24 per cent less superannuation than men.

Interested to hear how others navigate the world? Head to our Life section.

For some, the importance of a sturdy super fund was hammered in by the older generation from their teenage hood. For others, it’s too far in the financial future to really be front of mind. Maybe you self-manage your retirement fund or have withdrawn money in a time of need. To find out more about where others stand, we asked 12 Fashion Journal readers to share how much money’s in their superannuation account.

Lina*, 25, she/they

My super is sitting at $22,437. Honestly, I don’t know a whole lot about superannuation and how it works, but I can say I’ve never touched it. My parents, who are currently working well past their desired retirement age, always instilled in me that taking money out of your super was a life-or-death choice. It’s easy enough to fantasise about what I’d do with $20,000 (although in this economy, I could probably only make it to Europe for three weeks), but I also understand that money will be very important someday. Or at least that‘s what my dad says.

Faye*, 29, she/her

Around $14,000 I think. [I’ve been] self-employed for a long time and hella don’t pay myself super.

Lauren*, 30, she/her

Approximately $60,000.

Kerrie*, 25, she/her

About $16,000. [I’ve] been working since I was in high school but only in the last two years started working full-time.

Niamh*, 24, she/her

$13,383. I was self-employed for a good couple of years so had to take my own super out of my pay, but now I get paid super on top of my salary so hopefully my balance will start growing more!

Maria*, 20, she/her

[I have] $460, lol. I’ve been working casually since I was 15 (five years now) and get contributions quarterly. I’m hoping to change super funds though because I’m losing so much from fees…

Harlow*, 32, she/her

$66,000. I worked a lot of part-time and casual jobs when I was younger so it took forever to build (and I lost a bunch of super when a former employer went into liquidation and couldn’t pay all the super I was owed over the three years I worked for them). I’m honestly concerned that in 17 years of working, I’ve only got $66,000 in my super and will never be able to afford to retire.

Reese*, 28, she/her

$13,500. Nothing should have affected it, but it feels very low.

Ema*, 35, she/her

I have $0. I took it all out during COVID and there’s nothing. I also spent all the money I had on a house deposit. It’s really depressing. The stop-start lockdowns were really destructive, they left no place for planning and drained everything I had.

Sally*, 29, she/her

I currently have $76,922 in my account. I work in the public service so receive a 15.4 per cent employer contribution. I haven’t made any voluntary contributions to this number. I am hoping my HELP debt will be paid off this financial year and will then consider salary sacrificing into my super, especially if I decide to take time off work to have children over the next few years.

When I was younger, I had multiple funds with small contributions in them that were eaten up by fees and dodgy bosses that didn’t pay super on time. I’m a little disappointed I missed out on the magic of compounding interest! I hope over the next few years that employers shift towards paying superannuation on parental leave, [because] women have less super than men (thanks, gender pay gap) and every bit counts.

I think knowing about how superannuation, taxation and the transfer system works is important. It’s not like young folks will be able to rely on the aged pension in 35 to 40 years’ time.

Desiree*, 28, she/her

I have $38,000. I work as a consultant, salary sacrifice an extra $100 per month and am with Hostplus Balanced. It’s pretty vanilla stuff.

Celeste*, 27, she/her

I have $25,000, all from employment. My first job didn’t pay me super at all, and when they did eventually pay it wasn’t much. I keep landing jobs where staff aren’t paid what they’re meant to (I’m on the lower end of the average salary for my profession).

*Names have been changed.

For more on superannuation and the gender pay gap, head here.