We know that choosing to work flexible hours, part-time or casually is a big decision.
It means you can allocate time to personal projects, family and activities, while still juggling your own work schedule. It’s both a blessing and a curse at times!
This so-called freedom comes at a cost, most of it financially and especially to your superannuation. My husband is always onto me about how we need to do more with our super, and especially mine as I’m working from home in my own business and not getting an employers contribution.
Missing out on super?
If super is not part of your salary package, it’s really important that you contribute to your super directly. And, if possible, often.
Super can be complicated, we know. One thing is true though: you need to add as much as you can, starting as soon as you can.
We often don’t think much about its implications now. There are already so many competing priorities as we’re trying to make ends meet. The reality is that if you don’t think about it until late into your forties, there isn’t enough time to accrue enough. So starting today will have a significant impact on how much you end up with in 25-30 years.
What about the gender super gap?
It’s a systemic injustice; put simply, the super system was not designed for women.
- 40%[1] of women go into retirement BELOW the poverty line, despite a lifetime of work and service to their families and communities.
- Women retire with 58%[2] as much super as men, on average, as a result of lower paying jobs, time out of the workforce, and working part-time or flexibly.
- Women are currently retiring with only enough super for 6 years of retirement – and they typically live another 14 years after that.
However, together we can help improve lives of thousands of women in Australia. We can all help the women in our lives – mother, sisters, neighbours, co-workers – have a more comfortable retirement by sharing more information and initiatives such as Super Rewards.
But… what is Super Rewards?
Super Rewards contributes to your super for you
The team at Super Rewards discovered a really clever way to help you build wealth and boost your super for the future – without having to contribute any of your own hard-earned money at all.
Super Rewards is a shopping platform, created by women for women, that contributes to your super for you. Every time you shop online – as you would normally – with Super Rewards retail partners, cash rewards are paid directly into your existing super fund.
How does Super Rewards work?
- Retailers top up your super when you shop online
- Compatible with all super funds and self-managed super funds (SMSF)
- No catch – free to join
All you have to do is shop via the Super Rewards platform.
The more you shop, the more Super Rewards you earn
Earning Super Rewards doesn’t require any change in behaviour from you – no rewards cards, no fobs, no uploading receipts. If you happily shop online already, just keep shopping as you always have and watch money roll into your super!
Over 100 Super Rewards retail partners have a shared mission in helping close the super gap, and enabling women to reach a more comfortable retirement.
After using the platform, I’ve realised that Super Rewards is every person’s best friend.
I’m actually not doing anything different. I continue buying online, my favourite retailers are on the platform already and now I’m getting cashback that goes into my super.
I first tried Super Rewards with Woolworths, The Athlete’s Foot and Puma and it was really simple. I just searched for them on the Super Rewards platform and shopped from the retailer’s website as I normally would (hello Christmas presents). As long as I clicked through to them from the Super Rewards platform, I’m able to get my cashback reward. Retailers have different contribution offers and they can change, so it’s good to keep an eye out and see what are the best offers available so you can maximise your super contributions.
Bottom line is: the more you shop via Super Rewards, the more you contribute to your super. Once the money is in your super fund, it starts earning compound interest – which can make a big difference over time.
The beauty of compound interest
Even if you’re contributing just a few dollars each day – actually, Super Rewards is contributing on your behalf – this small daily amount can turn into big money over time.
The way compound interest works is basically the addition of interest to the main sum of a deposit. This means it’s interest on interest. This calculator helps you see how much money you can have in the future by adding a certain amount regularly from today.
A better financial outlook for women
It’s important to focus on your future today. Our mission by partnering with Super Rewards is to help close the super gender gap and provide a different future for women in Australia.
Super Rewards can help you add money to your super with every purchase you make, so why not start maximising that compound interest today?
The gender pay gap is still an issue, but Super Rewards can help provide a better outlook for everyone who has been impacted by flexible work arrangements.
Safe to say that from now on I’ll be doing ALL MY SHOPPING through Super Rewards, because clearly – WHY NOT? I honestly can’t think of a better way to top up my super without having to find additional money somehow and contributing myself! It’s a no-brainer.
Disclaimer: This information is general advice and does not take account of the individual’s objectives, financial situation or needs. Before acting on this general advice, individuals should therefore consider the appropriateness of the advice having regard to their objectives, financial situation or needs.
Prices, offers and rewards are subject to change without notice. Restrictions may apply. The information in this email is prepared by Super Rewards Pty Limited (ABN 90629681296)(Super Rewards), an authorised representative of Shartru Wealth (ABN 46 158 536 871 and AFSL 422409). This email has been prepared for informational purposes only and is not intended to amount to financial product advice or a recommendation. Please note that that any cash rewards earned through Super Rewards will be paid into your super and will not be accessible until you meet a condition of release.
[1] Reference: https://www.abc.net.au/news/2016-04-21/super-gender-gap-leaves-australian-women-struggling/7346764
[2] Reference: https://www.superannuation.asn.au/media/media-releases/2018/media-release-3-may-2018
