How to increase your superannuation by THOUSANDS while you shop: Women offered retirement boost at some of the country’s biggest retailers
- Online shopping platform Super Rewards launched earlier this month
- When members buy from participating retailers they are given cash
- The money goes into a superannuation fund instead of a bank account
- Scheme is targeting women after stats showed they retire with 42% less
Australians can boost their superannuation funds while shopping online.
Super Rewards launched earlier this month to help address the issue of women retiring 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 a similar way to cards that offer cashback on purchases except 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 shopping company (stock image)
According to the company’s calculator, a person spending an average of $200 a week at Woolworths can boost their super by around $30,000 over their lifetime.
The scheme charges no fees, with Super Rewards making money by taking a small cut of what the retailer gives to the customer.
The company is targeting women after it emerged women retire with an average of 42 per cent, or $113,660, less in their super funds than men, according to the Association of Super Funds.
‘The simple reality is that the superannuation system was not built for women,’ said co-founder Pascale Helyar-Moray.
According to the Australian Securities and Investments Commission, the average Australian should aim to save $545,000 for their retirement.
Only one in five women will meet this target, with 80 per cent falling significantly short and 40 per cent of single women retiring below the poverty line.
The scheme has been praised by money expert Effie Zahos (pictured)
‘Lofty targets are set by government bodies for the amount of super individuals need to retire with. These are unrealistic for women, given the time they spend out of the workforce, contributing to their families and the community as carers and volunteers,’ said Ms Helyar-Moray.
The prominent equality campaigner, with over 20 years financial services marketing, said she wanted to reward women for their unpaid work.
The work Australian women do raising children, caring for loved ones or volunteering has been valued by PWC at $2.2 trillion per year.
‘Super Rewards was created to recognise the invaluable work undertaken in homes across the nation and provide women with an opportunity to contribute to their super every day, she said.
Super Rewards launched earlier this month to help address the issue of women retiring in poverty (stock image)