How to increase your superannuation with THOUSANDS while you shop: women offered a pension increase to some of the largest retailers in the country
- Online store platform Super Rewards launched earlier this month
- When members buy from participating retailers, they receive cash
- The money goes to a pension fund instead of a bank account
- Scheme focuses on women after statistics have shown that they retire at 42% less
Australians can boost their superannuation funds while shopping online.
Super Rewards launched earlier this month to help tackle the problem of women in retirement in poverty.
Members can boost their super when they shop online at participating retailers, including Woolworths, Apple, The Iconic, The Good Guys and Freedom.
The scheme works in the same way as cards that offer cashback on purchases, except that the money goes into a superannuation fund instead of a bank account.
Australians can boost their super funds while they spend thanks to a new online retailer (stock image)
According to the company's calculator, a person who spends an average of $ 200 a week at Woolworths can raise his super by about $ 30,000 during his lifetime.
The scheme does not charge costs, whereby Super Rewards earns money by taking a small part of what the retailer gives to the customer.
The company focuses on women after it appears that women retire by an average of 42 percent, or $ 113,660, less in their super funds than men, according to the Association of Super Funds.
& # 39; The simple reality is that the superannuation system was not built for women & # 39 ;, said co-founder Pascale Helyar-Moray.
According to the Australian Securities and Investments Commission, the average Australian should strive to save $ 545,000 for retirement.
Only one in five women will achieve this goal, with a substantial deficit of 80 percent and 40 percent of single women who retire below the poverty line.
The scheme has been praised by money expert Effie Zahos (photo)
& # 39; High goals are set by government agencies for the number of super individuals who withdraw. These are unrealistic for women, given the time they spend on staff and contributions to their families and the community as caregivers and volunteers, ”said Ms. Helyar-Moray.
The prominent campaign for equality, with over 20 years of financial services marketing, said she wanted to reward women for their unpaid work.
The work that Australian women do, raising children, caring for loved ones or volunteering is valued by PWC at $ 2.2 trillion a year.
& # 39; Super Rewards was created to recognize the invaluable work in homes across the country and to offer women every day the opportunity to contribute to their super, & # 39; she said.
Super Rewards launched earlier this month to tackle the problem of women in retirement in poverty (stock image)
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