Aussies concerned about their retirement security

Australians, especially women, are feeling the heat when it comes to retirement, with the Qantas Super Retirement Confidence Index (RCI) increasing only slightly to 5.1 out of 10 from 4.9 in December last year.

Women cited an overall retirement confidence rating of 4.8 as opposed to 5.4 for men, with just 30 per cent of women stating they have a high degree of confidence that would have enough money for a comfortable retirement.

Younger women in particular felt the least confident about their retirement opportunities, with just 21 per cent of women aged 18 to 29, 24 per cent of women in their thirties and 22 per cent of 40 and 50 year old women citing high confidence.

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The RCI also highlighted a clear knowledge gap between men and women, with only 29 per cent of women reporting they know how much would be needed for a comfortable retirement compared to 40 per cent of men.

Just 14 per cent of women had no investments outside of their superannuation but only 28 per cent of women felt they could rely on superannuation for retirement compared to 40 per cent of men.

Qantas Super chief executive, Michael Clancy, said having a retirement plan in place was crucial for all Australians, and it was particularly important for women to have a strong plan in place that accounts for the different chapters of their working lives.

Qantas Super urged women to know their super balances; find lost super; check their insurance; calculate how much super was necessary for retirement; and improve their understanding of how super works to increase their retirement confidence.




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