Don’t overlook financial security: AIST

The Australian Institute of Superannuation Trustees (AIST) has welcomed the Government’s draft plan on ending violence against women but urged financial security to be taken into account.

The draft National Plan to End Violence against Women and Children 2022-2032 was released and AIST chief executive, Eva Scheerlinck, said financial security was an important factor. This plan would replace the National Plan to Reduce Violence against Women and Children 2010-2022 which ended this year.

Many women in violent relationships were prevented from working which limited their income as well as their superannuation balances. In other cases, their super was accessed by their partner or their partner controlled their finances.

This was in contrast to beliefs that assumed everyone worked full-time to accrue super during their careers.

Scheerlinck said: “The impact of coercive control in a violent relationship was starkly demonstrated in 2020 in the early release of superannuation scheme, with many women being coerced into accessing their super or having it fraudulently accessed by their domestic partner.

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“This, combined with systemic barriers leaving women with 40% less super than men on average at retirement, means many women do not have enough money to be financially independent at retirement.

“We look forward to working closely with the Government on ensuring all women, including those who have experienced violence, can retire with dignity.”