Bauer Media is stirring up Aussies to “make a pledge” to top up their super before September 15, with its Money magazine partnering with ASFA (Association of Superannuation Funds of Australia) to launch ‘Super Booster Day’.
While Super Booster Day is targeting all Australians, it’s interesting to note that nine in ten women today retire with inadequate savings.
Enter Bauer Media, with a stack of mags for women, including The Australian Women’s Weekly, Woman’s Day, COSMOPOLITAN OK!, Homes+, Australian House & Garden, Real Living and NW in addition to Rugby League Week, Men’s Style and Empire.
The campaign is supported by commercial partners AMP, ANZ, BT, MLC, QSuper, REST, Sunsuper and UniSuper.
The Super Booster Day campaign, which will run from Thursday July 7 to Thursday September 15, aims to increase the number of Australians making extra super contributions from seven per cent by informing them of the long-term benefits and encouraging them to take action before September 15.
The specially created website features a video content series from an array of ambassadors, such as Effie Zahos (editor, Money magazine), Pauline Vamos (CEO, ASFA), Paul Clitheroe (chairman of the Australian government’s Financial Literacy Board), Ross Greenwood (Nine Network’s finance editor and host of 2GB Money News) and Sam Henderson (financial adviser and host of Sky News Business’ Your Money Your Call – Super).
The site also houses a range of information, including super factsheets, links to Super Guru calculators and the ASFA Retirement Standard figures for a comfortable lifestyle in post-work years, as well as a three-step guide to make a pledge and pay yourself forward.
ASFA CEO Pauline Vamos said, “There’s no doubt that women have a much bigger task in saving for their future, with around 90 per cent of women retiring today with inadequate savings to fund a comfortable lifestyle throughout their retirement.
“It’s important that women take the simple steps to help boost their super. This will help them catch up on the savings they may have missed, for example when taking time out to have a family.”
Money magazine editor Effie Zahos added, “Small amounts can make a big difference. Just adding $10 a week to your super could boost your future wealth by $35,333 if you are 35* years old.
“With a shortfall of nearly $25,000 a year between the full age pension and what it costs for couples ($20,000 for singles) to have a comfortable lifestyle in retirement, it’s time to take control today and reap the massive benefits of boosting your super now.”
*Calculation made using superguru.com.au calculator and based on putting an additional $10 each week ($43 each month) into a super account, assuming five per cent pa growth until age 65.