Looking back, I can see that my mother’s health was undoubtably impacted by the effects of menopause; I’m only guessing because despite being a household of seven women it’s not a topic that was spoken of – it was something to be endured in silence as our lot in life.
Fast forward a generation, and today we recognise World Menopause Day, and what an incredible journey it has been in the seven months since I last addressed the need to acknowledge the financial impact of menopause on women’s retirement.
In that time, champions of the cause – across Parliament, community organisations, and the superannuation sector – have worked tirelessly to build momentum and shine a light on the often-overlooked financial implications of menopause and perimenopause.
Much has been achieved in bringing these workplace and financial impacts out of the shadows. Most notably, the recent Senate inquiry into menopause and perimenopause has reached its conclusion, unveiling the deep economic and social challenges that this natural life stage brings to women.
The evidence presented in these hearings, along with the recommendations of the inquiry’s final report, have confirmed what we’ve known for far too long: menopause is a silent disruptor of women’s financial security, yet it remains inadequately understood and poorly supported across society.
One of the key takeaways from the report is the call for comprehensive research into the economic impact of menopause. The toll it takes on women’s workforce participation, income, and superannuation is undeniable. ASFA’s own research earlier this year, The Impact of Menopause on Retirement Outcomes, revealed startling statistics: approximately 160,000 Australian women enter menopause each year, and the financial repercussions are likely to be staggering. There’s no real data in Australia but if we apply the results of research in the UK we can assume that of these 160,000 women, 20,000 shift to part-time work, 10,000 leave the workforce only to return later, and 4,000 retire early – resulting in a loss of up to $60,000 in superannuation savings.
This is where ASFA and our members play a vital role. We have long advocated for policies that protect and enhance equity within our superannuation system, ensuring that women’s financial security is safeguarded throughout their working lives and into retirement. Some of our members, like CBUS, Future Super, Aware Super, AIA and MetLife Australia have been leaders in supporting women as they navigate the unique challenges posed by menopause, ensuring that their workplaces are not only supportive but proactive in addressing these challenges.
However, our sector’s focus extends beyond just supporting women in their individual workplaces – we are deeply invested in improving outcomes for women across the broader retirement income system.
At this year’s ASFA Conference in November, menopause and women’s health will take centre stage as MetLife Australia presents invaluable new research that dives deep into how perimenopause and menopause are affecting the health, lifestyle, career, finances, and retirement of over 1,000 women. I am truly excited for our sector to come together and engage with these critical findings as we seek to close the super gap and strengthen the financial security of women during this pivotal life stage.
If we are to move from this new-found understanding to genuine action, we need robust data and research. The Senate inquiry has met ASFA’s call to action, recommending that the Government conduct further research and data collection – our fingers are crossed waiting for the Government to agree with this recommendation.
We have already witnessed so much progress this year in our efforts to close the gender super gap. Paid parental leave is now law, and the government is advancing on Payday super – each step moving us closer to a more equitable retirement system for women.
As we observe World Menopause Day this year, we find ourselves at a unique moment in time. So far from my mother’s silent experience and with the opportunity to make a lasting impact on society and the future of women’s financial wellbeing.
With the insights gained from the Senate Inquiry, the growing availability of data on women’s experiences, and the momentum behind addressing these issues, it feels as though we stand on the precipice of meaningful change.
A change that will safeguard women’s financial futures and help close the retirement gap.