LGIAsuper leads the way for inclusion beyond the boardroom

From

Kate Farrar

Breaking down the barriers that women face on the road to retirement begins in the boardroom of financial service companies, says LGIAsuper and Energy Super CEO Kate Farrar.

The latest available data from the Australian Government’s Workplace Gender Equality Agency (WGEA) shows less than one third (28.9%) of key management personnel in the financial sector are female, which is 1.6% lower than the average across all industries.

Ms Farrar said that outperforming industry averages for gender inclusion in senior leadership roles, enabled the newly merged profit-for-member fund LGIAsuper and Energy Super to better understand the unique challenges women face when saving for retirement.

“More than one third of our executive team and our board are women, which is an achievement we are incredibly proud of,” she said.

“We want to help all of our members build a better future, and we know that in the case of women’s superannuation this requires a different way of thinking.”

“It’s no secret women are at a distinct disadvantage when it comes to their superannuation – the costs of unpaid labour as a parent, together with the impact of pay inequality, amount to women taking home less than their male counterparts.”

“By ensuring we have women in leadership positions, we can champion a diversity of voices to better understand our member’s varied life experiences,” Ms Farrar said.

Ms Farrar said it was especially important to consider women’s financial futures post-COVID-19.

“Since April 2020, data shows* Australian women have withdrawn a total of $13 billion from their retirement savings, with over 300,000 of these women having completely emptied their accounts,” she said.

“What we don’t want to see happen is these women reaching retirement age and having to work or rely on the age pension to avoid experiencing poverty.”

“We offer a range of resources, such our Super Essentials for Women webinar on the 8th March and our Women and Superannuation online tutorial in addition to no cost Super Health Checks with our super specialists that help our members understand how they can make the most out of their superannuation,” Ms Farrar said.

Our Super Essentials for Women webinar on the 8th March is available for all members and non-members.  If you would like to attend register here

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