Women make 80% of household shopping decisions
That’s a huge number! At Super Rewards, we think about all the time and effort invested in our household shopping decisions. We are two mums, who each have young families. Our shopping decisions range from smaller decisions such as the dinner menu for that evening, through to our next holiday. Every day is filled with at least 10 decisions on what to buy, where to buy, and how to buy it.
Why is it women who are primarily responsible for the decisions? Of the 18-64yo female population, 40% aren’t working and 36% work part-time or casually, usually because of family responsibilities. So there’s definitely an element of ‘availability’ to make these shopping decisions. But, even for the 24% of women who work full-time, they spend a lot more time on household chores/maintenance than men; this ASIC infographic tells us that the average full-time working woman spends 44 hours on household duties.
Time is money – and your super
The thing about spending all this time doing housework, chores, unpaid childcare etc – is that it actually costs Australian women. The 2018 HILDA (Household Income and Labour Dynamics of Australia) survey shows that women spend 28 hours on household chores per week – compared to men’s 14 hours. (The men have improved over time by the way.) 28 hours – that’s 2 days of full-time work, for which you could have been paid!
Here’s the kicker: while women are busy doing the shopping and the chores and the childcare – they’re not being paid to do so. And when you’re not earning an income stream, you’re not contributing to your superannuation. As we know from multiple media articles, women retire with roughly 58% as much super. Partly because we’re all so busy looking after everyone else but ourselves!
So we asked…WHAT IF?
What if we could monetise that unpaid work? Find a way to reward women for doing the shopping? Generate cash rewards into their superannuation, so that they can retire with more?
So we built Super Rewards. Super Rewards is cash top-ups, into your super, from Australia’s leading retailers. You shop – instore or online – and you earn cash directly in to your super. $5 here, $10 there.
Each individual cash reward may not sound a lot – but think about your weekly spend. The average Australian household spends roughly $1500 per week. If you used Super Rewards for, say, half of your shopping, then you could generate over $500 in your super each year! Use this handy ASIC compound interest calculator to understand what that could mean for your superannuation. Here is the chart showing the results of $500 extra per year, over 20 years – that’s a massive addition to anyone’s superannuation balance. And just through shopping!
Everyone shops differently so play with our super rewards calculator to understand how much extra YOU could add to your superannuation through Super Rewards. And sign up for more information to stay up to date with Super Rewards!