Call to include super in parental scheme

The retirement savings gap for women will be reduced if superannuation is included as part of any paid parental leave, research finds.

The lifetime superannuation savings of a typical Australian woman is estimated to be about $91,400, or 35 per cent, less than for a man in a similar job if she takes time out to have children, research by the Investment & Financial Services Association (IFSA) finds.

IFSA chief executive John Brogden said the research showed that whatever scheme federal parliament adopted on parental leave, it must take account of superannuation.

"No matter which way you look at it, women do very poorly because of their desire to have a family that takes them out of the workforce for some period of time," Mr Brogden said on Thursday.

"A woman who takes five years out of the workforce to have and raise her children will have 26 per cent less superannuation on retirement than an equivalent woman who does not take time out.

"That's a $45,000 difference."

Mr Brogden said it was widely known that women were paid less than men but they needed to save more for retirement because they lived longer.

"This research shows Australian women face a grossly inadequate retirement because of their low superannuation savings," he said.

"Now we have a unique opportunity with the entire country and parliament focused on the parental leave debate to make sure that, whichever plan the parliament adopts, it includes superannuation."

The federal government's plan, which is yet to be introduced to the lower house, allows for 18 weeks' pay at the minimum wage.

The coalition is offering six months' pay for parents at their current salary to a ceiling of $150,000.

The independent research was carried out by Rice Warner Actuaries for IFSA.