• FWX March qtr  -1.6% (72.2pts)
  • FWX y-o-y change  0.9% (72.2pts)
  • Total timeframe to Gender Equality  59
  • Timeframe to Equality on Employment  28 years
  • Timeframe to Equality on Underemployment  15.5 years
  • Timeframe to Equality on Gender Pay Gap  22 years
  • Timeframe to Equality on Unpaid Work  59 years
  • Timeframe to Equality for Women On Boards  6.5 years
  • Timeframe to Equality on Superannuation  19 years
  • Gender Pay Gap 2021  13.9%
  • Gender Pay Gap sub-index 2021  (86pts)
  • Employment sub-index 2021  1.2pts (72pts)
  • Superannuation sub-index  5.4pts (74.6pts)
  • Gender Gap Superannuation  25%
  • Underemployment Rate sub-index  -8.1pts (74.6pts)
  • Education sub-index  92pts
  • ASX 200 Women On Boards sub-index  69pts
  • ASX 200 Women On Boards  34.5%
  • Unpaid Work sub-index  67pts

The 15 super funds all women should know about

super funds
Financy
July 22, 2022

Australian women finally have an easier way of trying to figure out, which are the best performing super funds.

The Fierce Performers Index, launched by wealth advice platform and social enterprise, Super Fierce, is based on 2,069 investment options across 359 superannuation funds, making it Australia’s first index to capture 99.8% of the entire market.

This is compared to most other comparison tools which look at far fewer funds, and often only assess one investment option in each.

Super Fierce founder, Trenna Probert, said “the Fierce Performance Index is the only truly  comprehensive index that also accurately measures not just performance, but also consistency of performance across multiple market cycles and across multiple investment options.

“It also overcomes a range of other comparison issues, such as commercial bias caused by a ‘pay-to-play’ component (the funds sponsor the research in some way), only covering one investment option in each fund, and suffering from recency bias due to a limited time period selection process.”

This is news to our ears at Financy, because for decades it has been too difficult for the average person to find the right super fund.

Women retire with 47% less superannuation than men on average, despite also living around 4 years longer on average than men.

The Financy Women’s Index also shows that it is likely to take 19 years to achieve gender equality in superannuation savings.

The need for swift action is exactly why Trenna founded Super Fierce in the first place.

Trenna wanted to build a tool to address the super gender gap that women of all ages could access simply, easily and – most importantly – immediately.

But she stresses that the top 15 ‘Fierce Performers’ are not a ranked list (as compared to the overall Index) and there is no absolute leader.

Trenna explains, “The benefit of any of these Fierce Performers to any individual Australian is strictly based on that individual’s circumstances, needs, life stage, financial situation, and a host of other critical factors, that are taken into account in their Super Fierce Statement of Advice.

“This means they are instead essentially a shortlist from which an individual’s best fund is identified by the Super Fierce algorithm, when you become a user of the platform. They are our secret sauce to finding you the super that will create your most comfortable retirement.”

Fierce Performers FY2022

The following 15 super funds passed all of the tests of consistent outperformance. This is NOT a ranked list, but rather an alphabetical one:

  • Australian Retirement Trust
  • AustralianSuper
  • Australia Post Super (now merged into Australian Retirement Trust)
  • Care Super
  • CBUS Super
  • Energy Super
  • equipsuper
  • HESTA
  • HostPlus
  • Vision (Local Authorities Super Fund)
  • Mercy Super
  • MyLifeMyMoney Super
  • NGS Super
  • Public Service Super*
  • Qantas Super**
  • Unisuper

 

*Public Service Super accumulation funds only. FPI does not include Defined Benefit funds.

**Qantas Super is yet to report June 2022 performance, but were strong enough by the end of May that failing the FPI tests after June 2022 performance would be statistically impossible.

 

Financy is a fearless believer in economic equality, which uses data insights to accelerate progress and support organisational efforts in diversity, equity & inclusion.

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Financy
July 22, 2022
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