Home Articles Stay-at-home business mums risk losing their superannuation benefits

Stay-at-home business mums risk losing their superannuation benefits

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The insurance company designed with women in mind “Million Dollar Woman” is urging Australian business mums who stay at home to take care of their children to not neglect their superannuation contributions. The company has also launched three strategies to maximise their contributions.

Million Dollar Woman, an insurance company for women, which is part of the Suncorp Group, is urging women not to neglect their superannuation contributions. According to the company, in Australia there are 600,000 mothers and each needs a budget of $70 a week so they can remain competitive regarding superannuation, a number which is based on the Australian women average wage of $41,000.

“For many stay-at-home mums, super is akin to the one that got away,” stated Lynette Argent, Million Dollar Woman Chief Executive.

“Superannuation is typically the second most valuable asset after the family home, so mums need to think about topping up their balance if they have an extended break from the paid workforce,” she added.

According to Million Dollar Woman, Australian mums should return to their superannuation or they will miss their long-term wealth creation benefits.

The three strategies

Million Dollar Woman has also created three different strategies based on three different incomes.

The first is the small business owner, for women with incomes below $61,920. This is ideal for those mums who own a small business or run their business from home.

“More than 30% of Australia’s small business owners are women,” said Lynette Argent.

The second strategy is directed to the part-time worker with an income below $31,920. This strategy maximises co-contribution.

And finally, in third place the casual worker which has an income below $10,800.

“Approaching the end of the financial year is the perfect time to think about strategies to increase your super balance based on your own financial position,” said Lynette Argent.

Photo by Erik Langner

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