ANZ is offering customers free financial advice if they have less than $50,000 in superannuation and will pay staff a $500-a-year super top-up – if they're female.

The bank will also pay super contributions to paid parental leave for up to 24 months as part of measures, to be announced on Wednesday, designed to close the gender pay gap whereby women earn $700,000 on average less than men over their lifetime.

ANZ's Joyce Phillips says new measures directly targeting advice, superannuation and financial education are designed to help improve the financial security of women at ANZ. Credit:Dominic Lorrimer

This is an increase from the current period of 12 months.

"We're calling out and trying to close this gap – [the initiative] is not perfect, but we're making progress," the bank's chief executive of global wealth Joyce Phillips said.