Confidence, Clarity and Control: How women can build stronger retirement outcomes

 Article written by: Maria Ganakas, Head of Member Servicing and Proposition

For women, a lack of engagement carries additional consequences. Career breaks for parenting or caring, gender pay gap, and lower financial confidence all contribute to smaller balances at retirement compared to men. The good news is that it’s never too late to start. Small, consistent actions still add up. And pleasingly recent changes have strengthened the Low-income Superannuation Tax Offset (LISTO), increasing government super contributions for eligible low income workers and benefiting around 3.1 million Australians. 

Interestingly, our member data tells an interesting story. During the accumulation years, our membership is roughly 45% women and 55% men. At retirement, that flips to about, 55% women and 45% men, and women’s average balances at retirement within Prime Super are higher than men’s. 

There are several possible reasons for this: women may stay with Prime Super longer; our member base includes education and health, sectors with strong female representation and long-tenure careers; and women’s engagement tends to increase as retirement approaches. When practical help and guidance is available, such as our book a chat service, many women feel more empowered to act. 

When women move from a passive approach to taking full responsibility for their super, often triggered by a life event, the shift can feel overwhelming. Concerns about “not having enough”, technology, complexity, or simply not having enough are common. There can also be emotional weight involved, particularly when inheritances form part of the picture. 

This is where trust and support make the difference. More Australians now see their super fund as a partner acting in their best interests. Our teams consistently see that, with the right tools and encouragement, women quickly build their confidence, often asking the right questions and getting across the details far more quickly than they themselves expect. 

Estate planning is also critical. Two elements, in particular, can make a significant difference: binding death benefit nominations and reversionary beneficiary. 

It's important to remember that the money in your super fund is held in trust, it doesn’t automatically become part of your estate. A binding death benefit nomination ensures your super goes to the people you intend, avoiding disputes and delays. A non-binding nomination acts only as a guide; as a fund, we must consider a range of factors, and this can result in a more arduous and lengthy process. 

A reversionary pension allows your income stream to continue seamlessly to a spouse or partner after death. This ensures steady cash flow with minimal disruption and keeps assets within the concessional super environment. often tax‑free. 

For women in long-term relationships, having visibility over the household’s full financial position is not only reasonable but wise: super balances, beneficiaries, insurance, cash flow, debts, and retirement income plans all matter. 

If you’re starting to think about your financial future, begin with three steps: 

	Educate yourself: compounding rewards early action.
	Engage and ask questions: review your position regularly.
	Communicate openly: align with partners or family before a crisis.

And remember, you don’t have to navigate this alone. Prime Super’s specialists are here to help.