Women's Superannuation: Sandra Buckley, WIS
Women in Super Executive Officer Sandra Buckley speaks to Eureka Report on improving retirement outcomes for women.
There's several policy pain points for Women in Super, but recognising that policy can take a long time to change the organisation is calling for more super education across the board.
Women in Super Executive Officer, Sandra Buckley, refers to her son's experience in school where he is currently doing a subject on investment and the economy, and superannuation is noticeably missing from the syllabus. This isn't a unique experience.
That's despite super ranking up there, with the family home, as one of the biggest investments that Australians will make for their financial future.
She thinks education should be skewed to teaching younger investors the magic of compound interest.
“It's incredibly important to teach young people about the power of compound interest, which Warren Buffett calls the eighth wonder of the world,” said Buckley.
“Teach our children from an early age that every single dollar you put away today will be worth so much more at retirement, simply due to the benefits of compound interest. It's so much harder to catch up in 50s and 60s and you've missed the boat when it comes to the magic of compound interest.”
On a policy level, Buckley discusses the inclusion of a gender impact statement in the Federal Budget, and a redistribution of tax concessions from the top-end to the lower end.
One in two working women earn less than $37,000 a year, and as it stands right now, they get a tax rebate, not a concession.
Women often start their careers on less money than men, sometimes by way of going into lower paid professions. Wages can also hit a ceiling because women historically spend more time caring for children than men.
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