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Australian women lose super race
The average woman’s superannuation balance is almost 50% less than a man’s when retirement age is reached, according to the research by the Melbourne Institute.
The study further showed that, on average, Australian men transition into retirement with $454,000 while women lagged behind with just $231,000 due to time spent out of the workforce.
On top of that, events such as relationship breakdowns, changes to employment status and medical issues can also had huge implications on a woman’s financial health.
The institute said female experts urged women to start taking small steps now so they’re not caught short later as information regarding personal finance and how to plan for the future was becoming more accessible, with women encouraging women to educate themselves in order to protect their future financially.
By preparing in the short-term women could create a better buffer that would protect them against unexpected ups and downs.
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If female school or university students volunteer for work experience in finance, organisations have a “duty” to offer it to them, according to a senior funds management executive.
New research from Aware Super on the occasion of Equal Pay Day reveals Australia’s 13 per cent gender pay gap will equate to a $93,000 deficit in women’s super balances compared to men at retirement.
With only 25% of women currently using a financial adviser and many lacking financial confidence, they are losing thousands in superannuation.
The significant difference in women’s average superannuation account balances, compared to their male counterparts, continues to concern industry professionals.
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