Two in three Aussies support super top-up for carers

Two in three Australians support a government-funded superannuation top-up for people who take time out of paid work to care for children or other family members, according to new research.

Conducted by YouGov for Australian Retirement Trust (ART) with a sample size was 1011 adults, the research found support was strong among both women, at 71%, and men, at 58%.

Sixty seven percent said support should include super contributions while people are caring, rather than relying on Age Pension support in retirement.

"Super is helping Australians retire confidently. But time out to care for someone isn't paid, and it doesn't build super. In many cases this care is done by women, and it's a big part of why they retire with less," ART acting chief people and impact officer Anne Fuchs said.

Women are three times more likely than men to take on unpaid caring, and more than 70% of people who step out of paid work to provide intensive care are women. Women have around $50,000 less super than men at retirement age.

The research found 81% of Australians with super name time out of paid work to care for children or other family members as one of the top three reasons women retire with less super than men.

Fuchs said closing the gap was not just an issue for women.

"What this shows is that Australians recognise the impact unpaid care can have on retirement savings," Fuchs said.

"There's a lot an individual can do, but closing the gender super gap should not be left to women and their families alone."

Further research by Global X found Australia risks sidelining a generation of women currently building their financial resources, as female investors are more than twice as likely as male investors not to understand how the federal government's proposed capital gains tax changes will impact them.

"The tax changes announced in the Federal Budget back in May are having a more significant impact on women than they are on men. The CGT changes in particular are difficult to understand, and only create an additional barrier," Global X ETFs Australia portfolio manager Jessica Leung said.

"The policy matters particularly for women, who make up a greater share of lower-income earners. From July 2027, some Australians could face a 14% marginal tax rate on their employment income but a minimum 30% tax rate on their real capital gains, that's more than twice the rate."